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Tracking fintech, banking & financial services innovations since 1994
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. That’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 (€ 8.5 million) strategic investment from current customers Grupo Credíto Agrícola, UniCredit, and Groupe BPCE, which led the round.
The investment, which takes Meniga’s total equity funding to more than $43 million, will help fuel the company’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. “Partnering closely with our customers is a key part of our strategy to be the preferred digital innovation partner to our clients,” Meniga co-founder and CEO Georg Ludviksson explained. “An 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.”
Meniga’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.
“The FCA license is an important milestone for Meniga,” Ludviksson said when the license was granted this February, “We 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.”
Meniga’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.
How’s $7 billion for good karma? One of Finovate’s earliest alumsCredit Karma is reportedly the target of what would be Intuit’s biggest acquisition to date. According to The Wall Street Journal, the cash and stock deal could be announced as early as Monday.
Credit Karma will continue to function as an independent company with founder and CEO Kenneth Lin at the helm. The acquisition gives Intuit, maker of online tax filing service TurboTax, another contact point with the online personal finance world. Credit Karma provides its members with access to their credit scores and borrowing histories, helps them monitor their accounts for security breaches and, perhaps most relevantly, has offered a free online tax preparation service since 2017.
If the deal holds up, Intuit will be paying a significant premium for Credit Karma. The personal financial wellness company was last valued at $4 billion, based on a 2018 private market transaction.
The victory may have been especially sweet for Sonect, whose Best of Show award-winning demo was also the company’s Finovate debut. The Switzerland-based start-up offers what it calls “the world’s first social cash network” that enables consumers to access cash without having to visit a bank branch or ATM. Sonect offers merchants the ability to grow their business via increased traffic and gives financial institutions a way to extend their ATM networks without the cost of additional hardware.
The Best of Show win was also a first for Horizn. The company, which made its Finovate debut three years ago at FinovateEurope, offers a platform that helps employees and customers maximize the opportunities of digitized financial services. Horizn uses simulator microlearning, as well as gamification and advanced analytics, to promote digital adoption across channels.
And last but not least, a special tip of the hat to Dorsum, Glia, iProov, and W.UP, all of whom won Best of Show honors at FinovateEurope for a second year in a row.
Here’s a round up of recent news from our Finovate alumni.
Larkyenters reseller agreement with Access Softek.
Bison Bank in Lisbon, Portugal selects PSD2-ready software from ndigit.
OurCrowdexpands focus on growing early stage tech companies.
Finovate Alum Features and Profiles
eToro’s Evolution – Social trading and investment platform eToro has never been one to stand still for very long. The company’s development cycle is fast enough to make even the most sprightly fintech jealous.
Lending Club Snaps Up Radius Bank for $185 Million – When Lending Club was founded in 2007, the startup aimed to serve as a place to help borrowers avoid dealing with banks. In a somewhat ironic move today, that same startup is becoming a bank itself.
The newly-released Fintech Power 50 for 2020 features ten Finovate alums. The roster is produced every December and bills itself as “meant to be controversial and provoke debate” while at the same time providing “inspiration to the rest of the industry.”
“Throughout its first year the Fintech Power 50 has seen consistent success for our members and we are very proud of the opportunities that being a member of the Power 50 has offered the companies involved,” Fintech Power 50 Managing Director and co-founder Jason Williams said. “We look forward to continuing the traction we have made this year with the 2020 cohort, with a more ambitious and exciting programme.”
The Fintech Power 50 aims to help fintechs reach a broader audience around the world. Over the course of 2020, the program will offer media partnerships and networking, business development and branding support, and investment and talent acquisition. This year marks the third edition of the program; coincidentally, the 2019 Power 50 featured ten Finovate alums, as well.
“We’re incredibly excited at this announcement, which is clear recognition of Keepabl’s value to customers, and to trusted advisers alike, and our potential to keep disrupting compliance-as-a-service,” wrote Keepabl CEO Robert Baugh in an email.
CREALOGIX CEO David Joyce added that he was “looking forward to exchanging ideas with the renowned digital leaders in this unique group.” He praised the way the roster reflected “the breadth, diversity, and creativity of the global fintech scene.”
The Fintech Power 50 2020 also features ten fintech thought leaders whose names will be familiar to Finovate veterans. Nine of the ten – David Birch, Ghela Boskovich, Theo Lau, Brett King, Jim Marous, Devie Mohan, David Parker, and Ruth Wandhofer – have made major contributions to our Finovate conferences since we expanded our format in 2017. We’ll have to get Mr. Lawrence Wintermeyer, co-founder of Global Digital Finance and the tenth thought leader on this year’s Fintech Power 50, to a Finovate stage sooner than later!
Rekyvik-founded software company Meniga has announced its partnership with Portuguese national financial group Grupo Crédito Agrícola to launch its new banking app, moey! – reports Ruby Hinchliffe of Fintech Futures (Finovate’s sister publication).
The free app will give Crédito Agrícola customers “a better understanding of their spending and finances”, as well as providing “seamless payments through services like Apple Pay and MB WAY”, said inovação e digital director Ricardo Madeira.
The financial advice app, which will also integrate with Android Wallet and Group expenses, inflicts no costs for account opening or maintenance.
“Through the moey! app’s intuitive interface and features, users will enjoy a seamless mobile experience which will significantly improve their everyday banking and personal finances,” said Madeira.
moey! will rely on Meniga’s technology as an engine, and will offer various services including an activity feed for personalised messages and targeted rewards, insights and expense reports which can be filtered, as well as budget and financial planning advice which will automatically generate your budgets and manage them for you.
Meniga’s CEO and co-founder Georg Ludviksson is “very proud” to be working with one of Portugal’s “most reputable banking groups.”
He said the bank’s team has “unrivaled insight” about the needs of its local banking customers, feeling confident that the new app “will excite users right across the region”.
The century-old Portuguese bank has more than one million clients and is one of the larger, more financially stable groups in the country.
Founded in 2009, Meniga demonstrated its technology at FinovateFall 2018, winning Best of Show for its white-label, digital banking solutions that help banks boost customer engagement.
A look at the companies demoing live at FinovateMiddleEast on November 20 and 21, 2019 in Dubai. Register today and save your spot.
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Ólafur Óskar Egilsson, VP of Product Egilsson has been instrumental in leading Meniga’s product team for three years. He has extensive experience in working in fintech and banking. LinkedIn
Isabel Moratiel, Business Development Manager Moratiel has experience in diverse areas of fintech, SME lending, international credit scoring, and digital banking. She has been at Meniga for over three years working in business development. LinkedIn