As a company, the only thing better than a customer that loves
your services and solutions is a customer that wants a piece of the
action as well. Thatâ€™s the happy situation digital banking
solution provider Meniga finds itself
in; the multiple-time Finovate Best of Show winner has just
secured a $9.4 million (â‚¬ 8.5 million) strategic investment
from current customers Grupo CredÃto AgrÃcola, UniCredit, and
Groupe BPCE, which led the round.
The investment, which takes Menigaâ€™s total equity funding to
more than $43 million, will help fuel the companyâ€™s R&D
activities, as well as bolster its sales and service teams. Also
participating in the round were current investors Velocity Capital,
Industrifonden, and Frumtak Ventures.
Having Groupe BPCE, the second largest banking group in France,
as both a customer and an investor is no accident. â€œPartnering
closely with our customers is a key part of our strategy to be the
preferred digital innovation partner to our clients,â€ Meniga
co-founder and CEO Georg Ludviksson explained. â€œAn equity
relationship is an excellent way to strengthen such partnerships
and we appreciate the continued vote of confidence and growing
business we have with our impressive global client base.â€
Menigaâ€™s funding announcement comes amid a flurry of activity
worldwide from the London-based company. In April, Meniga
partnered with UniCredit to offer an enhanced version of its
smart banking app in the Czech Republic. Also that month, Meniga
teamed up with payments and transaction services firm Worldline
to help boost digital customer engagement via personalization.
Opening a new office in Warsaw, Poland in March, Meniga began
the year by receiving its AISP license from the Financial Conduct
Authority (FCA) in the U.K.
â€œThe FCA license is an important milestone for Meniga,â€
Ludviksson said when the license was granted this February, â€œWe
will now be able to test new innovations against the Open Banking
APIs and with real use cases, which will help us develop products
of outstanding quality.â€
Menigaâ€™s technology is used by more than 90 million digital
banking customers in +30 countries. Founded in 2009, the company
most recently demonstrated
its technology at FinovateFall in 2019.
Digital Banking Solution Provider Meniga Raises $9.4 Million in New
Funding appeared first on Finovate.