Funding

Lidya Scores $6.9 Million in Series A Investment

Lidya Scores $6.9 Million in Series A Investment
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Lidya

Nigeria-based digital bank Lidya landed a fresh round of funding this week. The bank pulled in a Series A round totaling $6.9 million, an amount that marks the round as one of Nigeria’s largest tech investments. Combined with the $1.25 million Lidya received last March, today’s round brings the bank’s total funding to $8.2 million.

Omidyar Network led the round and was joined by new investors, Alitheia Capital, Bamboo Capital Partners, and Tekton Ventures; as well as existing investors Accion Venture Lab and Newid Capital. Ameya Upadhyay, Principal at Omidyar Network, is slated to join Lidya’s board of directors.

“We are excited by the overwhelming support from the investor community, which signals a great confidence in our business model and team,” said Ercin Eksin, Lidya co-founder. Lidya will use the funds to expand its loan book, scale in Nigeria, enter new markets in Africa, and onboard more employees, specifically data scientists and engineers.

“Access to flexible, affordable credit is at the crux of unlocking growth in the MSME sector. Lidya is addressing that by using smart algorithms to analyze transaction data from small businesses to assess their creditworthiness,” said Upadhyay. “This data-driven approach allows the company to offer loans without the need of hard collateral– a requirement that has scuttled MSME financing in Africa. In the process, Lidya gathers insights that help expand its product portfolio to become a holistic partner to small businesses.”

Eksin demonstrated Lidya’s credit scoring algorithm at FinovateFall 2016. The demo showcased how the bank helps small-to-medium-sized enterprises (SMEs) share or upload their bank data to manage cash flow, customer data, and create and send digital invoices. To help businesses smooth lumpy cashflow held up in invoices, Lidya lends from $500 to $50,000 without requiring the business to visit a physical branch.

Since it was founded in 2016, Lidya has extended 1,500 loans to help SMEs in industries ranging from farming to technology. The bank was recently accepted into MasterCard’s Start Path Program, an accelerator program that supports the next generation of commerce solutions.

Interested in learning more about the state of fintech in Africa? Check out FinovateAfrica, held in Cape Town, South Africa on November 27 and 28, 2018.

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BondIT Raises $4 Million in New Funding, Adding to Series B

BondIT Raises $4 Million in New Funding, Adding to Series B
By David Penn Posted on
Categories: BondIT, Funding

With $4 million in new funding, BondIT has added to the Series B investment it announced last fall and taken the round’s total to $18.2 million. St. Louis Business Journal reported this week that the fixed income portfolio management platform provider plans to use the capital for product development among other initiatives.

The company’s Series B round has been led by major investor Fosun Group, a division of Fosun International Limited, a Hong Kong-based investment holding company. When the investment in BondIT was initially announced last fall, Fosun Chairman Guo Guangchang said that BondIT’s technology “compliments (its) own financial ecosystem” and will enable wealth managers to upgrade their solutions with disruptive technology. The Group also said the investment reflected a commitment to the Israeli market.

BondIT uses machine learning algorithms and data science to enable fixed income advisors to make superior recommendations, improve client engagement, manage risk better, speed trade execution and meet compliance regulations easier. The platform improves productivity by automating portfolio construction, optimizing returns tailored to the individual customer, and enhancing analytics, and risk monitoring.

Founded in 2012 and headquartered in Herzliya, Israel, BondIT demonstrated its fixed income portfolio management platform at FinovateFall 2016. The company began the year leveraging its strategic partnership with Fosun Group and relationship with Chinese financial data provider Wind to expand its coverage of China’s $7+ trillion interbank bond market.

In January, BondIT partnered with IBM, choosing the company’s ILOG CPLEX Optimization Studio to enhance its fixed income portfolio services. “By harnessing the ILOG CPLEX Optimization Studio tool within our framework, our platform can find the optimal solution within the constraints,” BondIT Chief Scientist Dr. Hillel Raz said. “If a perfect solution is not feasible due to the combination of constraints and market conditions, it can relax constraints to provide the closest fit for any set of portfolio requirements.”

The fact that the technology is cloud-based is also a major plus enabling the company, in the words of BondIT CTO Amit Godel, to scale as required to meet customer needs, as well as to “provide platform enhancements immediately.”

“The main advantage of the IBM technology for us as a startup was fast time-to-market, as well as its ability to handle many different types of variables and objectives, control numerous parameters, and handle infeasible problems,” Godel said.

Etai Ravid is BondIT founder and CEO. Check out our profile of the company featuring a Q&A with Ravid.

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WeInvest Raises $12.3 Million for its WealthTech Platform

WeInvest Raises $12.3 Million for its WealthTech Platform
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, WeInvest

B2B digital wealth management solutions provider WeInvest has taken in an investment of its own today. The Singapore-based company just closed on $12.3 million in Series A funding.

The financing comes from a handful of angel investors, along with London-based Schroders, which acquired a minority equity stake in the company. This is WeInvest’s first major funding after an undisclosed round in 2017.

In an interview, WeInvest Co-Founder and CEO Bhaskar Prabhakara told DEALSTREETASIA that the funds will be used to promote product development and to “expand the functional range of [the] platform across regional regulatory requirements, business models, and products.”

Unlike other models, WeInvest’s roboadvisory services empower traditional advisors with tools to help them compete with pure roboadvisory plays. WeInvest has three main products. TrackWealth offers simplified account aggregation and wealth analysis for advisors to provide their clients. GrowWealth, provides goal-based and thematic investing roboadvisory services that advisors can offer their self-directed clients. And AdviseWealth offers a service for relationship managers.

Founded in 2015 and with 38 employees, WeInvest offers its services in Malaysia, Indonesia, Hong Kong, India, and Dubai. Prabhakara recently presented AdviseWealth at FinovateMiddleEast 2018 in Dubai. WeInvest has 5 clients and anticipates it will double that number by the end of the year.

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Tango Card Receives $35 Million

Tango Card Receives $35 Million
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Tango Card

Digital rewards-as-a-service platform Tango Card may be doing a little dance today. That’s because the Seattle-based company just closed a $35 million round of funding, bringing its total funding to $54.8 million.

The growth equity investment comes from FTV Capital. Tango Card plans to use the funding to grow its Reward Delivery Platform and Rewards as a Service API, scale its Rewards Genius dashboard, offer new integrations, expand internationally, and boost hiring at its Seattle headquarters.

“Our mission is clear – make rewards easy to send and awesome to receive,” said David Leeds, CEO and founder of Tango Card. “In the past, incentive programs were highly manual and the results were difficult to track. Tango Card delivers an enterprise-friendly solution that is easy to integrate, customizable, and expansive in its catalog of rewards and incentive offerings, serving over 2,000 satisfied customers that trust and rely on us to help them scale their business.”

Founded in 2009, Tango Card helps companies recognize and reward employees, engage with existing customers, and motivate potential customers. The company demoed its Rewards-as-a-Service (RaaS) API at FinovateFall 2016. RaaS is comprised of multiple elements, including customer creation, account creation, funding, catalog support, ordering, and reporting. With these methods, customers can integrate a full rewards program into their app to incentivize consumer and employee behavior.

Leeds said that the company began searching for a growth equity partner last year. Given FTV’s similar vision and 20-year track record, Leeds said the firm was “the number one partner” on its list. Tango Card will also benefit from FTV’s Global Partner Network, which offers Tango Card a list of potential enterprise customers. As a part of today’s transaction, FTV’s Chris Winship and Robert Anderson will join Tango Card’s board of directors.

In the press release, Winship described the B2B prepaid space as “a $100 billion global market opportunity,” adding, “Tango Card provides an industry-leading solution that capitalizes on this shift to digital, enabling its enterprise clients to efficiently use rewards and incentives for numerous use cases and to achieve business goals such as driving employee engagement and retention, improving employee culture and wellness, and incentivizing customer activities.”

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Trusted Key Raises $3 Million for Passwordless Authentication

Trusted Key Raises $3 Million for Passwordless Authentication
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Trusted Key

Blockchain-based identity solutions company Trusted Key pulled in $3 million this week. The seed funding was led by Founders Co-Op with participation from Pithia, the venture capital company of The RChain Cooperative. Combined with the company’s $1.1 million debt round last April, Trusted Key’s total funding stands at $4.1 million.

Trusted Key will use the investment to accelerate innovation and business expansion to meet demand from enterprise customers. “Highly regulated enterprises want to bring their customer experience online but have significant drop-off rates during enrollment due to the cumbersome identity validation, or proofing, process,” said Amit Jasuja, CEO of Trusted Key. “Trusted Key’s platform protects the privacy of consumer data, while allowing enterprises to easily verify that their customers are who they claim to be. We are rebuilding digital trust.”

Today’s funding comes as the company wraps up a successful pilot project with healthcare consortium NH-ISAC in which Trusted Key facilitates identity proofing during the onboarding process. The company provides NH-ISAC clients with a single, reusable identity they can use to access all of their healthcare services. “We have been very impressed working with Trusted Key on the power of their platform around identity proofing and the creation of a secure digital identity that can be re-used by all of our healthcare partners with validation on the blockchain,” said Kurt Lieber, Chairman of the NH-ISAC Identity and Authentication Working Group.

Trusted Key’s solution leverages the blockchain to create a digital identity to prevent identity fraud and improve security. In the end, consumers receive a password-less login and enterprise businesses receive streamlined customer acquisition with a customizable authentication experience.

Its use of the blockchain makes Trusted Key well-positioned to scale up. And there is plenty of room to grow in this market– a recent report from Allied Market Research states that the global consumer identity and access management market is estimated to reach nearly $24 billion by 2022.

Founded in 2016, Trusted Key most recently presented at FinovateFall 2017. In November of that year, the Seattle-based company launched Secure SSH Key Management as part of its Trusted Key Digital Identity Wallet.

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Update: Student Loan Genius Raises New Funding in Round Led by Vestigo Ventures

Update: Student Loan Genius Raises New Funding in Round Led by Vestigo Ventures
By David Penn Posted on
Categories: Funding, Student Loan Genius

Update: 5/17: Student Loan Genius announced today that it has raised $3.5 million in seed funding. The round was led by Vestigo Ventures and featured participation from CMFG Ventures, Prudential Financial, and Rubicon Venture Capital.

“This new funding validates Student Loan Genius’ mission and efforts to enable companies to retain their top talent in an increasingly competitive workforce through unique benefits, like student loan payments, that meet their employee’s needs,” Student Loan Genius CEO Matt Beecher said. The company plans to use the investment to support commercialization of their offering and add technology, sales, and marketing talent to their team.

*

Xconomy is reporting that Austin, Texas-based Student Loan Genius has raised $4.7 million in funding. The news was seconded by Austin Business Journal, which added that 11 investors have participated in the round. Both reports – as well as a third from AmericanInno, are based at least in part on a SEC Form D filing, which suggests that the $4.7 million was part of a larger $5.8 million fundraising initiative. As reported, the new capital more than doubles Student Loan Genius’ total equity funding to more than $7 million.

Student Loan Genius helps young workers retire their student debts faster through a combination of education, debt, analysis, and the assistance of employers. The company helps students search for and identify student loan repayment programs that work best for them (i.e., programs that offer better terms based on higher credit scores, programs that offer discounts for military veterans). Student Loan Genius also enables student loan borrowers to see the difference among repayment options.

The company’s signature feature, demonstrated at FinovateSpring 2016, is Genius Save, which enables employers to attach a student loan benefit to their 401(k) contribution. The goal is to relieve the strain of student loan repayments on the budgets of young workers who are just beginning to save for retirement.

“Like the 401(k), a student loan benefit invests back into employees,” Student Loan Genius’ Content Manager Bobby Hilliard wrote on the company’s blog last month. “While benefits like pet insurance or chef-catered lunches are appealing, a student loan repayment benefit impacts lives immediately. Plus, it’s a great tool for retention.” Hilliard noted that employers offering a student loan contribution to their workers of “even $50 a month” can make a significant impact on their employees’ ability to retire their student debt quicker and begin saving for a home and investing for retirement that much sooner.

Founded in 2013, the company partnered with New York Life last fall, helping the firm launch its student loan repayment program. Last summer, Student Loan Genius joined the inaugural U.S. cohort of BBVA’s program for social entrepreneurs. Prudential Financial, John Hancock, Socratic Ventures, Village Capital, Kapor Capital, and Capital Factory are among the company’s investors.  Twenty-five year fintech and venture capital veteran Matt Beecher was appointed CEO of the company in August 2017.

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BlueVine Receives $200 Million Line of Credit from Credit Suisse

BlueVine Receives $200 Million Line of Credit from Credit Suisse
By Julie Muhn (@julieschicktanz) Posted on
Categories: BlueVine, Funding

Alternative lending platform BlueVine fortified its backing today with a $200 million line of credit from Credit Suisse. This boosts the company’s total combined debt and equity funding to $518 million.

Today’s round is an asset-backed revolving credit facility that will allow BlueVine to offer higher lines of credit to more small businesses at a larger scale. In fact, the California-based company has increased its business line of credit from $200,000 to $250,000. This comes after BlueVine doubled its invoice factoring credit limit to $5 million earlier this year.

BlueVine CFO Ana Sirbu said that this type of debt funding is critical for the company to increase its scale. “This financing will support our next phase of growth,” she said. “We continue to build a business for the long-term by offering the best working capital financing solutions to business owners.

Founded in 2013, BlueVine is best known for Invoice Factoring, in which it issues cash to small businesses who sell their unpaid invoices at a discount, then receive up to $5 million in working capital in a matter of days to help manage operations. The company expects its total funded volume to exceed $1 billion this year.

BlueVine demoed its small business working capital solution at FinovateFall 2014. Earlier this spring, the company partnered with cross-border payments company Veem to save businesses on international payments. BlueVine’s other investors include Lightspeed Venture Partners, 83NORTH, Correlation Ventures, Citi Ventures, Menlo Ventures, and Rakuten Fintech Fund. Eyal Lifshitz is CEO.

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New Investment Helps Power Canadian Expansion for Financial Data Platform Quovo

New Investment Helps Power Canadian Expansion for Financial Data Platform Quovo
By David Penn Posted on
Categories: Funding, Quovo

Quovo will enter the Canadian market thanks in part to an investment from Portag3 Ventures. The new investment takes the data platform provider’s total funding to $20 million.

Quovo CEO and co-founder Lowell Putnam said Canada was a source of “immense growth potential” for the company given the country’s “thriving fintech ecosystem and financial institutions hungry to adopt innovative technologies.” Putnam also highlighted a strategic element in Quovo’s relationship with Portag3 Ventures. “The decision to raise funding from Portag3 was about much more than capital,” he said. “Portag3 is well connected in the Canadian financial services industry and is helping us to hit the ground running as we work to establish ourselves in the market.”

Portag3 Ventures is a Canadian-based venture capital firm sponsored by Power Financial Corporation, IGM Financial Inc., and Great West-Lifeco Inc.

As part of the expansion, Quovo announced plans to partner with Canadian fintechs and incumbent financial services companies. The company’s Director of Quovo in Canada, Brad Joudrie, pointed out that the company had already added to its Canadian institutional coverage, and included Canadian financial account types into its data model. “We’re fully committed to building a sustainable business to support the country’s growing financial services sector,” Joudrie said. “The investment from Portag3 will enable us to build out a regional team, deliver on Canadian consumer requirements, and fuel innovation in Canadian financial services.”

The investment and expansion news comes on the heels of Quovo’s launch of two new data solutions to streamline ACH transactions and payment management. ACH Verification uses instant account verification or Quovo’s Autoverified Microdeposits to authenticate key account and account owner details and ensure frictionless ACH transactions. Payment Management enables monitoring of customer accounts to accurately determine the best time to debit accounts for steady payment flow and lower NSF fees.

“Our movement into payments demonstrates the utility of Quovo’s technology across a breadth of industries, and we’re excited to deliver solutions to some of the major obstacles faced by payment originators,” Putnam said. Both solutions were developed using Quovo’s Income + Expense and Balance Estimator products, introduced last month.

Quovo’s technology offers companies connectivity and insights for millions of consumer financial accounts across more than 14,000 different institutions. Founded in 2010 and headquartered in New York City, Quovo partnered with SoFi to present How Quovo & SoFi Perfected Bank Authentication at our developers conference, FinDEVr New York 2017. The previous year, the company teamed up with Betterment at FinDEVr New York 2016 to demonstrate the integration of Quovo’s account aggregation services with Betterment’s investment platform.

Last month, Quovo introduced a pair of solutions geared to enhancing critical processes in the lending value chain for loan originators and servicers. Back in December, the company launched Quovo PFM, a suite of embeddable personal finance management modules for FIs that complements the fintech’s account aggregation offering.

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Revolut Raises $250 Million in New Funding; Earns Unicorn Valuation of $1.7 Billion

Revolut Raises $250 Million in New Funding; Earns Unicorn Valuation of $1.7 Billion
By David Penn Posted on
Categories: Funding, Revolut

Revolut is fintech’s latest unicorn. An investment round of $250 million led by DST Global has boosted the company’s valuation to $1.7 billion and made Revolut the first U.K. digital bank to gain the lofty status among fintech’s most richly-financed startups.

“Three years ago, Revolut was nothing more than a few coders with a crazy ambition to disrupt financial services forever,” Revolut’s Chief Blogging Officer Rob Braileanu wrote. “In the beginning, our vision was laughed at and we were told that the big banks were too powerful.”

“Fast forward to today.”

Revolut said the Series C investment will be used to drive international expansion and to add talent. The company plans to be live in the U.S., China, Singapore, Hong Kong, and Australia by the end of 2018, with a goal of 100 million customers around the world within five years. Revolut also expects major increases in its workforce, more than doubling headcount from 350 to 800 employees.

“Revolut is developing and delivering technology that reduces the complexity and cost of financial services for consumers and small businesses,” DST Global’s Tom Stafford said. “We are delighted to support Nik and the Revolut team as they continue to innovate, roll out new services, and expand geographically.”

Nikolay Stronosky, Revolut CEO, added, “Our focus, since we launched, has been to do everything completely opposite to traditional banks. We build world-class tech that puts people back in control of their finances, we speak to our customers like humans and we’re never afraid to challenge old thinking in order to innovate.”

In a blog post discussing the news, Revolut shared an advance look at some of the new features the company has in store. Revolut Crypto will gain two new currencies: Ripple (XRP) and Bitcoin Cash (BCH) alongside current listings Bitcoin (BTC), Litecoin (LTC), and Ether (ETH). Revolut Platinum will provider cardholders with a bespoke contactless stainless steel metal card coated in a “custom shade of metallic black paint for a truly unique look,” and Revolut Wealth, an expansion of Revolut’s services that will allow the platform’s users to invest their funds in stocks, index, ETFs, and other financial instruments.

And while Revolut’s fundraising news is hard to beat, the company has been making fintech headlines all year. Earlier this month, Revolut launched a new solution called Vaults that helps users save more by rounding up their transactions to the nearest whole number and setting aside the difference. Also in April, the company unveiled an update to its business accounts to expand their cross-currency transfer functionality. Revolut introduced both its new disposable virtual cards for online payments and its Euro Direct Debits in March, and began the year with a new insurtech offering, providing travel insurance for its users.

Headquartered in London, Revolut demonstrated its Personal Money Cloud at FinovateEurope 2015.  Storonsky discussed Revolut’s plans for expansion in APAC with TechWireAsia last month and more recently talked about the company’s planned entry to the Romanian market with Business Review.

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Deserve Raises $50 Million in Debt Financing

Deserve Raises $50 Million in Debt Financing
By David Penn Posted on
Categories: Deserve, Funding

 

In rebranding his company from SelfScore to Deserve, CEO Kalpesh Kapadia explained “we believe that access is everything and everyone deserves a chance to build a positive credit history. So we are making our products available to all students, U.S., and international, and to all those who seek to build and/or maintain a good credit history.”

And now Deserve is $50 million closer to serving this broader population of potential customers. The Accel-backed fintech has just secured a $50 million debt facility from Keystone National Group to drive growth in account receivables and help “jumpstart” first-time credit owners’ financial journeys.

“Since launching the Deserve brand in October of 2017 and addressing the needs of young people who are new to credit, we’ve seen a huge response from young adults and college students across the nation,” Kapadia said. He added that the new credit facility from Keystone National Group will help his company “bring deserving consumers to the credit system who are often overlooked by the traditional approach and allow them to pave their path of financial independence.”

Making their Finovate debut as SelfScore at FinovateFall 2014, the consumer analytics company leverages machine learning and alternative data to offer a solution that the company says provides a better measure of creditworthiness than FICO scores. As Deserve, the company’s “credit scoring as a service” platform uses online profiles, phone and sensor data, psychometric questions and what the company calls “360 degree feedback” from the user’s network to give users insights and contextual information to businesses.

Deserve uses this technology in part to help millennials and Generation Z consumers establish and build credit, and earn rewards. Deserve offers consumers three Mastercard-branded credit card options:

  • Deserve Edu: Geared toward college students, Deserve Edu provides 1% cash back, a $5,000 credit limit, a 20.24% variable APR, and no annual fee.
  • Deserve Pro:  Designed for applicants with established credit histories, Deserve Pro offers 3% cash back on travel and entertainment, 2% cash back on restaurants, and 1% cash back on purchases. Deserve Pro Mastercard also provides a credit limit up to $10,000 and a variable APR as low as 17.49%. The card is available to L1 and H1B visa holders, and has no annual fee.
  • Deserve Classic: Designed for applicants looking to build credit, Deserve Classic has a credit limit of $1,500, a variable APR of 24.99%, and a $39 annual fee.

The debt financing announcement from Deserve is the latest big headline from the company since it rebranded as Deserve last fall and announced $12 million in new funding. With total equity financing of $27 million, the company includes Aspect Ventures, Pelion Ventures, Mission Holdings, Alumni Venture Group, GDP Venture, and Accel among its investors. Headquartered in Menlo Park, California, Deserve was founded as SelfScore in 2013.

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SecuredTouch Receives $8 Million Strategic Investment from Arvato Financial Solutions

SecuredTouch Receives $8 Million Strategic Investment from Arvato Financial Solutions
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, SecuredTouch

Israeli behavioral biometrics startup SecuredTouch gained backing from Arvato Financial Solutions this week. The $8 million investment was strategic, and brings the company’s total funding to $11.5 million.

Robert Holm, Senior Vice President of Fraud Management at Arvato said, “Investing in SecuredTouch allows us to partner with a global leader in behavioral biometrics for mobile devices, and to reinforce our online security and fraud prevention services in the best possible manner.” The firm’s President of Risk Management Frank Schlein said that protection against cybercrime is “essential,” and added, “I am really pleased that our involvement with SecuredTouch will enable us to enhance and expand this platform further.”

On the strategic side, SecuredTouch will benefit from Aravato’s established relationships with international players across various industries. Yair Finzi, CEO and founder of SecuredTouch, said, “We see a clear synergy between the offerings and strategies of Arvato Financial Solutions and SecuredTouch. We have created a partnership that will enable SecuredTouch to expand its international presence and enhance its positioning in the areas of fraud and authentication. Arvato Financial Solutions with its international expertise in risk and fraud management is an ideal investor and partner for this purpose.”

SecuredTouch was founded in 2015 and specializes in behavioral biometrics for mobile transactions. As Finzi explained, the company ensures that “legitimate transactions are recognized quickly as such and can be conducted smoothly. The aim is to ensure a secure, fast, and convenient customer experience in mobile transactions, on a sustained basis.” The company maintains a foothold in the security space by leveraging more than 100 parameters to continuously authenticate users in a session without friction. SecuredTouch’s technology is able to differentiate between human and non-human behavior to catch and block would-be fraudsters.

SecuredTouch demoed U-nique, a behavioral biometrics technology that leverages machine learning, at FinovateEurope last month in London. The company also offers U-manobot, malware detection technology; and Continew-ID, a device takeover prevention technology. SecuredTouch’s other investors include Rafael Development Corporation, Eshbol Ventures, and Wellborn Ventures.

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Meniga Receives $3.7 Million to Fuel International Rollout

Meniga Receives $3.7 Million to Fuel International Rollout
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Meniga

Digital banking and marketing startup Meniga announced it received a $3.7 million (€3 million) investment from Nordic bank Swedbank. This brings the company’s total funding to $27.1 million since it was founded in 2009.

Swedbank’s investment comes after the bank agreed to launch Meniga’s digital banking solutions for its customers in Sweden and in the Baltic countries. Swedbank has more than 7 million retail customers and 625,000 corporate customers. The bank has 218 branches in Sweden and 133 branches across Baltic countries.

Lotta Lovén, head of digital banking at Swedbank, said that the banks’ customers not only prefer a digital experience, but also want relevant offers and services to make life easier. “We see Meniga as an innovation partner to give our customers a digital experience that includes a better overview and insights of all their finances both from Swedbank and external parties. We are very pleased with the agreed partnership,”Lovén added.

Headquartered in London and with offices also in Reykjavik, Stockholm, and Warsaw, Meniga offers white-label digital banking solutions for 50 million digital banking users in 23 countries for banks such as Santander, Intesa, ING Direct, Commerzbank and mBank. At FinovateEurope earlier this year, the company won Best of Show for Richest Transactions, a solution that helps banks leverage data associated with transactions.

This month, the company’s CEO Georg Ludviksson was selected as one of top 200 Fintech leaders in Europe. In February, the company announced a partnership with France’s second largest banking group, BPCE.

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