Meniga Lands $3.4 Million from Íslandsbanki

In its third round of funding this year, digital banking and marketing startup Meniga has taken in $3.4 million (€3 million) from Íslandsbanki. The financial backing, which follows Swedbank’s $3.7 million investment in April and UniCredit’s $3.6 million strategic funding in June, brings Meniga’s total funding to just over $34 million.

Íslandsbanki is Meniga’s first and longest-standing client. The two have been collaborating since 2009 when they launched a PFM solution in Europe. Furthering their ties, Íslandsbanki and Meniga teamed up to deploy a new card-linked offer platform in June of last year.

Meniga will use the funds to enhance research and development efforts to further build out its products. Íslandsbanki CEO Birna Einarsdóttir noted that the investment not only deepens the bank’s relationship with Meniga, but that it is also aimed at, “investing in the future development of innovation in digital banking and personal financial management solutions.”

“The banking landscape is evolving faster than ever and is driven by new competitors, regulatory changes and rising customer expectations,” said Georg Ludviksson, CEO and co-founder of Meniga. “Therefore, it is vital for banks and fintech companies to work even closer together to thrive in the new digital ecosystem.”

Headquartered in London and with offices also in Reykjavik, Stockholm, and Warsaw, Meniga offers white-label digital banking solutions for 65 million digital banking users in 30 countries for banks such as Santander, Intesa, ING Direct, Commerzbank and mBank. The company has taken home five Finovate Best of Show awards, most recently for its demo at FinovateFall 2018, where Meniga showed off its if this, then that spending challenges that allow users to tie their savings to random external events, such as the weather, sports team wins, and exercise and music listening habits.

TransferWise Teams Up with Dutch Digital Bank bunq

TransferWise has bunq in the trunk.

International money transfer specialist has a new partner in Dutch challenger bank bunq, which announced today that it is integrating with TransferWise’s API to enable its customers to send money in up to 15 different currencies directly from the bunq app.

“Our mission is to free our users from borders and barriers in traditional banking, such as hidden fees,” bunq CEO Ali Niknam said. “We think TransferWise is a valuable addition to solidify that mission.” Founded in 2015, bunq is headquartered in Amsterdam, Netherlands.

Bunq users will also benefit from access to real exchange rates, TransferWise’s transparent and competitive fees, and fast transfer speeds – the latter courtesy of the instant SEPA payment system that shortens the time it takes EUR to GBR transfers, for example, from days to minutes. “In the future,” TransferWise noted in a blog post announcing the partnership news, “it should only take a few seconds.”

bunq is the second challenger bank that TransferWise has teamed up with this year. In June, the company partnered with Monzo, powering international money transfers for the digital bank’s 750,000 customers. And just weeks before announcing the Monzo partnership, TransferWise reported that it was working with Groupe BPCE, providing money transfer services to the French banking group’s 15 million retail customers.

TransferWise demonstrated its technology at FinovateEurope 2013. Earlier this fall, the company announced its second profitable year and annual revenue growth of 75%. This summer, TransferWise announced the opening of an office in Hong Kong as part of its expansion into Asia. With more than $396 million in funding, TransferWise is one of fintech’s “unicorns” with a valuation in excess of $1.6 billion. The company has more than three million users, and facilitates the transfer of more than $2.65 billion a month. TransferWise was founded by Taavet Hinrikus and Kristo Kaarmann (CEO) in 2011.

CredoLab, GoBear Launch Credit Solution for the Underbanked

A collaboration between alternative credit scoring specialist CredoLab and personal finance comparison site GoBear will make it easier for the underbanked to get access to credit. A new smartphone app, Easy Apply, will leverage CredoLab’s credit assessment technology to serve underbanked markets of Indonesia, Philippines, Thailand, and Vietnam.

Easy Apply leverages CredoLab’s predictive credit scorecard solution to the help thin-file applicants access unsecured credit products including credit cards and personal loans. The AI-powered technology extracts and analyzes data from the user’s smartphone to make highly-predictive behavioral insights. These insights are used to build customized credit risk scorecards that are tailor-made for individual lenders and specific products. This enables lenders to benefit from access to creditworthy borrowers who might otherwise be overlooked by traditional credit risk assessment strategies.

“We are excited to be partnering with GoBear to help banks profitably serve their customers including the underbanked,” CredoLab co-founder and CEO Peter Barcak said. “Since our launch in 2016, through our use of non-traditional alternative data points, we have seen a significant drop in cost of risk, helped reduce the time-to-yes to a few seconds, and achieved almost 45% increase in approval rates,” Barcak added. “I am optimistic that we can achieve similar results through this partnership.”

Easy Apply will be integrated as a downloadable app within GoBear’s Easy Choices feature, which gives customers the ability to select products that fit their financial profile. Credit card offerings will be the first products available with personal loans, insurance, and lines of credit to follow.

“There is a massive opportunity here in Southeast Asia to continue improving financial inclusion by constantly innovating solutions,” GoBear CEO Adrian Chng, said. “Our partnership with CredoLab will bridge the divide between the underbanked and financial institutions by giving both parties access to the right technology at the right moment to create better outcomes.”

Founded in 2016, Singapore-based CredoLab made its Finovate debut earlier this month in Hong Kong as part of FinovateAsia. The company, which was named among Singapore Business Review’s Top 20 Start-Ups at the beginning of the year, has served more than 40 lenders in 12 markets across southeast Asia, China, Africa, and Latin America. With $2.1 million in funding, CredoLab includes Walden International, Reliance Modal Ventura, and Fintonia Group among its investors.

FinovateAfrica Sneak Peek: RattleHub

A look at the companies demoing live at FinovateAfrica on November 27 and 28, 2018 in Cape Town, South Africa. Register today and save your spot.

RattleHub understands that lives are digital and extremely fragmented. Everyone deals with unnecessary cost and risk as a result. This needs to change, and when it does, it will be a wonder why it was tolerated for so long.


  • One view of all assets, liabilities, documents, and data
  • Seamless integration with clients’ trusted partners and service providers
  • Peace of mind that everything is in order for the client’s family

Why it’s great
Those banks, wealth advisors, insurance companies, etc. that best serve their clients will triumph over their competitors. Seamless integration with this emerging ecosystem drives retention and growth.


Steve Watt, Chief Revenue Officer
Watt leads global sales, marketing, and customer success from RattleHub’s head office in Canada.

Gary Goetsch, Chief Technology Officer
Goetsch leads global technology design, development, and operations from RattleHub’s office in South Africa.

FinovateAfrica Sneak Peek: NF Innova

A look at the companies demoing live at FinovateAfrica on November 27 and 28, 2018 in Cape Town, South Africa. Register today and save your spot.

NF Innova provides a unique banking solution to visionary financial institutions by delivering a rich and seamless customer journey on any digital channel.


  • Opti-channel digital banking platform
  • Full process automation and digitalization
  • Real-time mobile app changes without redeployment of a new version on app stores

Why it’s great
The NF Innova platform is providing banks with a unique possibility to make real-time changes and create tailor-made segmentation within a native mobile app without publishing a new version in app stores.


Eldar Banjica, Board Member
With over 20 years of experience in leading teams and companies of various sizes, Banjica is in charge of the company’s strategy and global business development.

Vladimir Stojić, Technical PreSales Consultant
Stojic has been consulting with banks on end-to-end, opti-channel banking for more than 10 years. He is an expert in front-end channels, the “smart digital layer,” and the design of digital banking.

FinovateAfrica Sneak Peek: CybiWealth

A look at the companies demoing live at FinovateAfrica on November 27 and 28, 2018 in Cape Town, South Africa. Register today and save your spot.

CybiWealth is a simple and intuitive investment app enabling individuals to own shares directly in leading global companies such as Coca-Cola, Nestlé, L’Oréal, and more.


  • Electronic onboarding and identity verification process
  • Direct share ownership in leading global companies
  • Invest via bank card through a mobile app

Why it’s great
CybiWealth offers a simple, intuitive, and cost-effective way to own shares directly in leading global companies.


Scott Cooper, CEO
Cooper is a mathematics graduate and a former analyst in the Lloyd’s market. He has 5 years of experience in the investment management industry, is a chartered financial analyst, and has served as CEO of CybiWealth since its inception.

Finovate Alumni News


  • CredoLab, GoBear Launch Credit Solution for the Underbanked.
  • Meniga Lands $3.4 Million from Íslandsbanki.
  • TransferWise Teams Up with Dutch Digital Bank bunq.

Around the web

  • Jack Henry’s Symitar Credit Unions expand outsourcing initiatives.
  • Trulioo expands European operations with new presence in Dublin.
  • Arab Bank for Investment and Foreign Trade (Al Masraf) licenses Temenos‘ Learning Community Engine.
  • Fenergo expands into private banking and wealth management.
  • AlphaPoint integrates stablecoin TrueUSD into its exchange network.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Credit Karma Acquires Noddle to Launch in the U.K.

Just a month after unveiling its new auto insurance tool, financial health company Credit Karma announced it is once again expanding– this time across country borders.

Prompting this move is the San Francisco-based company’s acquisition of Noddle, a startup headquartered in the U.K. that offers users free access to their credit report. Credit Karma made the purchase from TransUnion, which received Noddle as a part of its purchase of CallCredit for $1.4 billion in April of this year. The financial terms of the agreement are not disclosed but it appears to be purely cash-based; TransUnion is not taking any stake in Credit Karma. The deal is expected to close later this year or early next year.

“Noddle’s similar mission and history as the first provider of free credit information in the U.K. made this a clear decision for Credit Karma,” said Credit Karma’s VP of International, Valerie Wagoner. “We’re confident our depth of experience working across data providers along with banks and lenders will accelerate the number of services we provide to help consumers make the most of their money.”

Noddle’s 35+ employees will join the Credit Karma workforce of more than 700. Credit Karma has “immediate plans” to expand its team in the U.K., and aims to “more than double” the U.K. team– which will be based in London and Leeds– over the next year. The acquisition includes Noddle’s employees, technology, and clients– more than 4 million of them. This number boosts Credit Karma’s existing North American user base which currently sits at more than 85 million members.

Founded in 2007, Credit Karma CEO Ken Lin demonstrated the company’s platform at FinovateSpring 2009, when the company had just five employees. Since then, Credit Karma has finalized five acquisitions, making today’s purchase of Noddle its sixth. After receiving a $500 million secondary investment round in March, the company boosted its valuation to $4 billion.

Experian Unveils New Credit Assessment Solution, Experian Credit 3D 

Experian is launching a new range of consumer credit assessment products for lenders, Experian Credit 3D, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

The product offers a multi-dimensional view of a borrower’s financial health, instead of a consumer’s credit information at a single point in time. The firm aims to deliver “a more granular and predictive insight into a consumer’s payment behavior”.

Business will be able to combine rental, utilities, council tax, property and mobile data, to provide a view of predictive behaviour and affordability.

“A customer’s current credit position only ever tells part of the story. People’s financial circumstances are multidimensional and unique,” said Tom Blacksell, managing director of B2B at Experian. “We are supporting our customers as they look to keep up with a diverse and ever-changing global population.”

The firm that said that moving away from traditional risk scores by augmenting them with a view of detailed consumer behaviors over time is particularly valuable in making decisions on applications which are currently on the margins.

Alternative non-credit data, including subscriptions and utilities data, can support the approval of applications from consumers with ‘thin’ credit files.

Blacksell added: “By combining all this with our global market leading decisioning capabilities in PowerCurve, and our soon-to-be-announced investments in SaaS deployment, we’ll be able to support customers of all sizes to make intelligent decisions in frictionless, digital environments.”

Recently, Experian, FICO and Finicity joined to create a new type of score, named the UltraFICO score. Designed to specifically help serve thin-file customers, the UltraFICO score focuses on how consumers actually manage their personal finances rather than repayment data from previous credit usage.

Experian demonstrated its cloud-based decisioning platform at FinovateFall 2018. Founded in 1996 and headquartered in Costa Mesa, California, Experian was named one of the top most innovative companies in the world by Forbes magazine for five years in a row.

Finovate Alumni News


  • Credit Karma Acquires Noddle to Launch in the U.K.

Around the web

  • Moneyhub announces integration with PensionBee API.
  • Outsystems unveils new program,, to leverage AI and machine learning to improve software development.
  • Finastra introduces Open Banking Readiness Index for Asia Pacific region.
  • Trulioo reports ability to verify five billion people via its identity verification platform, Global Gateway.
  • Wipro collaborates with Check Point Software to offer cloud security services.
  • Unison expands with Goldwater Bank Partnership.
  • Flywire partners with the Dallas-Fort Worth Hospital Council to offer members payment solutions.
  • How I Built This podcast features Betterment founder Jon Stein.
  • Roostify names Courtney Keating Chakarun as new Chief Marketing Officer.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.