Meniga Brings in $11.8 Million Investment to Build Out Green Banking

Meniga Brings in $11.8 Million Investment to Build Out Green Banking

On the heels of its FinovateEurope demo this week, digital banking player Meniga has raised $11.8 million (€10 million). The investment brings the company’s total funding to $55.7 million.

Velocity Capital and Frumtak Ventures led the round, followed by Industrifonden and Meniga customers UniCredit, Swedbank, Groupe BPCE, and Íslandsbanki.

“Meniga has established itself as a trusted strategic partner to top-tier banks around the world for Personal Finance Management and Business Finance Management tools, which are built on top of its market-leading data consolidation and enrichment technologies,” said Willem Willemstein, General Partner & Founder at Velocity Capital Fintech Ventures. “We’re extremely excited about the growing demand for the personalised banking experiences that Meniga delivers, such as its new product, Carbon Insights, which uses transaction data to measure a bank customer’s carbon footprint.”

Meniga will use the funds to increase its R&D efforts and further build its sales and service teams. The company also said it will use the funds to bolster its green banking products.

The latter point is notable because Meniga has been making a name for itself in the green banking arena since the launch of its Carbon Insights tool. While multiple digital banking providers, such as Aspiration and Treecard, have launched in an effort to promote ESG banking for individual consumers, there have not been many players helping incumbent banks to compete by offering their own green banking products.

Launched last year, Carbon Insights enables banks to inform customers about their carbon footprint based on their spending habits and offers them the ability to reduce or offset it. Earlier this month Iceland’s Íslandsbanki became Meniga’s first client for Carbon Insights.

During the company’s FinovateEurope demo, Meniga CEO and Co-founder Georg Ludviksson noted that the company is currently implementing Carbon Insights with banks in four separate countries. “The demand is growing fast,” he added. “Carbon-concious consumers are here to stay.”

Founded in 2009, Meniga powers banking apps used by more than 100 million people in more than 30 countries. The company is headquartered in the U.K. with offices in Reykjavik, Stockholm, Warsaw, Singapore, and Barcelona.


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FinovateEurope Digital 2021 Sneak Peek: Meniga

FinovateEurope Digital 2021 Sneak Peek: Meniga

Meniga is a global leader in white-label digital banking solutions. Their new product, Carbon Insight, helps banks seamlessly integrate a digital carbon footprint journey into their mobile banking app.

Features

  • Awareness – overview of carbon footprint
  • Insight – carbon benchmarking and advice to spend more sustainably
  • Action – offset via certified programs

Why it’s great
Carbon Insight enables banks to inform customers about their carbon footprint and the power to reduce or offset it.

Presenter

Georg Ludviksson, CEO & Co-Founder
Ludviksson co-founded Meniga in 2009. He is a global thought leader on how banks need to reinvent themselves in the ever-changing landscape of financial services.
LinkedIn

Meniga Enables Carbon Footprinting for Iceland’s Islandsbanki

Meniga Enables Carbon Footprinting for Iceland’s Islandsbanki

Interested in activism that’s truly “global” in its appeal? Then the news that Meniga has partnered with Íslandsbanki, one of the largest banks in Iceland, to launch its new green banking solution, Carbon Insight, should be music to your ears.

“With more and more people around the world growing anxious about the consequences of climate change, the need for solutions and initiatives that empower people to take action to help protect our planet has become a business imperative,” Meniga CEO and co-founder Georg Ludviksson said.

Carbon Insight enables users to estimate and track how their spending decision impacts the environment via their carbon footprint. This footprint is derived via the Meniga Carbon Index, which was developed by a team of data scientists who leveraged environment research into the carbon emissions of various products and services. Carbon Insight works by multiplying spending transaction amounts by a “carbon intensity value” to give the user a reasonable carbon footprint estimate. This information can be used to help inform the user to which activities are potentially more environmentally impactful.

“We have seen great enthusiasm for our Carbon Insight product over the past few months, from banks and other key financial players, which is an encouraging sign from our industry that more green initiatives are still to come,” Ludviksson said.

As part of the partnership with Meniga, Íslandsbanki has agreed to integrate Carbon Insight into its digital banking solution. The Icelandic bank sees the new offering as a way to increase customer engagement and build on its environmental, social, and governance (ESG) strategy.

“Consumers are increasingly interested in improving their carbon footprint and having a positive impact on the environment,” Birna Einarsdóttir, Íslandsbanki CEO said. “Meniga’s Carbon Insight solution will enable Íslandsbanki’s customers to estimate the carbon footprint of their private consumption, identify carbon intensive purchases, and ultimately reduce their carbon footprint while saving money at the same time.”

Founded in 2009, Meniga most recently demonstrated its technology at FinovateFall 2019. Last fall, the company launched in the U.S. and, that summer, announced a $9.4 million fundraising that took the firm’s total funding to more than $43 million.


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Meniga Launches in U.S.

Meniga Launches in U.S.

Oh say, can you see… new digital banking technology landing on U.S. shores? Meniga can.

The U.K.-based company with Icelandic roots is expanding operations into the U.S. with a New York City headquarters location. The U.S. team, led by North America Heads of Sales, Wim Van Lerberghe and Paul Renken, will work remotely until the offices open next year.

Meniga is making the expansion to meet new, pandemic-induced demand for digital banking solutions. “In the current economic climate, it is crucial that Americans are getting the support they need from their banks, and help with the management of their personal finances. But if the bank fails to respond with anything but an efficient and enjoyable user experience, those customers will go elsewhere,” said Meniga CEO and Cofounder Georg Ludviksson. “We know that the unrivalled expertise and local market insight brought by Wim and Paul will allow us to fully export our technology to the U.S., granting American banking partners access to cutting-edge digital products and apps that their customers will love to use every day.”

While many know Meniga as a PFM solutions provider, the company has broadened its approach. The company now has leveraged data to offer a more personalized customer experience via predictive analytics and personalized engagement technologies including spending reports, automated budgeting, personalized nudges, savings challenges, and personalized cashback rewards.

Unique to Meniga is the company’s transaction-based carbon insights tool. Launched earlier this year, the carbon insights tool allows end users to track the carbon emissions that result from their spending.

Meniga has brought this technology to 165+ banks across 30+ countries, reaching more than 90 million end-users across the globe. The company has offices in London, Reykjavik, Stockholm, Warsaw, and, as of last year, Barcelona and Singapore.

“Since expanding into the Southeast Asian market just last year, we’ve also been instrumental in getting some of the area’s most popular banking apps to market. By opening up to the U.S., we’re going to be leading the charge here too,” said Renken. “We see banks as the bastions of the customer, designed to protect and manage assets, particularly during such a financially unstable climate. However, in order to remain competitive, this means they also need to move, and digitalize, with the times. With Meniga’s technology and expertise, banks all across The States will be able to achieve this; creating a customer experience that is intuitive and seamless as well as secure and reliable.”

Among Meniga’s clients are UniCredit, Santander, and UOB. Founded in 2009, the company has raised $43.9 million.


Photo by Duane Swaby on Unsplash

Digital Banking Solution Provider Meniga Raises $9.4 Million in New Funding

Digital Banking Solution Provider Meniga Raises $9.4 Million in New Funding
Photo by Niki Nagy from Pexels

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.

Intuit’s $7 Billion Bid for Credit Karma; FinovateEurope Salutes its Best of Show

Intuit’s $7 Billion Bid for Credit Karma; FinovateEurope Salutes its Best of Show
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How’s $7 billion for good karma? One of Finovate’s earliest alums Credit 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.


With another Finovate conference in the books, our Finovate Best of Show ranks has a new set of members. Congratulations to Dorsum, Glia, Horizn, iProov, Sonect, and W.UP for taking home top honors earlier this month at FinovateEurope!

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.

  • Larky enters reseller agreement with Access Softek.
  • Bison Bank in Lisbon, Portugal selects PSD2-ready software from ndigit.
  • Techround interviews Tradeshift co-founder Mikkel Hippe Brun.
  • Bremer Bank leverages Backbase’s digital-first banking platform to fuel digital transformation.
  • Paysend’s multi-currency global account launches in Europe.
  • Kinetica launches Kinetica Cloud.
  • Futurex taps ISARA to bring quantum-safe cryptography and crypto-agility into its Key Management Enterprise Server (KMES) Series 3.
  • With new FCA license, Meniga seeks to expand product offering.
  • StrategyCorps and Digital Onboarding partner to help banks grow checking account relationships.
  • Baker Hill renews partnership with Washington Trust Bank to streamline loan origination and portfolio risk management.
  • Aire launches Credit Insight Suite to improve access to credit.
  • Coinbase becomes Visa principal to offer more feature for Coinbase Card customers.
  • InComm partners with Eezi to launch Poundland’s gift card program.
  • Enveil secures $10 million in Series A funding for secure data collaboration.
  • Trulioo adds image capture SDK to Trulioo GlobalGateway.
  • Amaiz taps ValidSoft for voice authentication.
  • OurCrowd expands 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.

Breach Clarity’s New Offering Provides Consumers Personalized Protection – Fraud detection and prevention company Breach Clarity announced this week it has developed a new platform to help financial service providers offer personalized protection for their customers.

New SumUp Card Empowers SMEs as Business Payment Makers and Takers – The company that has helped bring fintech innovation to e-commerce with its mobile point-of-sale (mPOS), card reading solutions now offers merchants a card of their own.

The Winning Ten: Finovate Alums Earn Spots on the 2020 Fintech Power 50

The Winning Ten: Finovate Alums Earn Spots on the 2020 Fintech Power 50

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 Finovate alums to make the cut are:

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!

See the full Fintech Power 50 2020 list.

Finovate Alumni News

On Finovate.com

  • Credit Karma Unveils New High Yield Savings Accounts
  • Finovate Global: PayPal Goes to China; Dubai Named Top Ten Global Financial Center

Around the web

  • Tradeshift to implement QEDIT’s privacy solution to preserve the full privacy of transactions.
  • Pendo Systems announces a new strategic partnership with Market Alpha Advisors.
  • Meniga to collaborate with Nordic Innovation House in Singapore.

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.

Finovate Alumni News

On Finovate.com

Around the web

  • Nice Actimize introduces surveillance system, SURVEIL-X.
  • Scalable Capital teams up with Raisin to offer its customers the ability to invest in fixed-term deposits at partner Baader Bank.
  • Standard and Premium customers of Revolut in 26 markets now have access to stock trading via the platform.
  • Financial Times highlights Meniga as a fintech to watch. Come see Meniga’s live demo at FinovateFall next week in New York!
  • NYMBUS appoints Dr. Joerg Richter as its new Chief Operating Officer, Platforms. NYMBUS will showcase its newest technology at FinovateFall next week in New York!
  • Tradeshift to help Spendency app users leverage their transaction data.
  • iProov releases HTML v.2 Beta on GitHub to help users secure user identity in HTML5.
  • Onfido earns the top spot in FinTechCity’s 2019 Fintech 50 roster.

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.

Meniga Helps Grupo Credito Agricola Launch Banking App

Meniga Helps Grupo Credito Agricola Launch Banking App

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.

Finovate Alumni News

On Finovate.com

  • Clinc’s Conversational AI Gives Voice to New App from Singapore’s OCBC Bank.
  • Finovate Global: ThetaRay Opens Mexico City Office; Dubai’s Foloosi Turns to KSA for Expansion.

Around the web

  • Meniga to enable consumers to donate cashback from their Meniga Rewards app to help combat climate change.
  • Mambu forges partnership with Swiss online lender bob Finance.
  • We Write Code joins Dwolla’s Partnership Ecosystem.

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.

Finovate Alumni News

On Finovate.com

  • HackerOne Cracks into $36.4 Million in Funding.
  • Arival Bank Nets $2.3 Million in Equity Crowdfunding Campaign.
  • Winners Circle: Finovate Honors Fintech’s Finest with New Awards Series.

Around the web

  • Cinchy voted “Top Pick” for TechCrunch Disrupt SF 2019 and selected as a CIX Top 20 company for 2019. Check out Cinchy’s upcoming demo at FinovateFall later this month!
  • ThetaRay unveils new office in Mexico City.
  • Epcor partners with data-driven solution provider Segmint to help FIs better leverage payment data.
  • Dwolla teams up with Currencycloud to make international payments easier for businesses.
  • Luxoft to collaborate with Fenergo as part of the company’s Global Platinum Partner program.
  • Meniga helps Grupo Crédito Agrícola launch its new banking app, moey!.
  • Nomis Solutions expands presence in the Midwest with the opening of a Center of Excellence in Cleveland, Ohio.
  • WePay launches same-day deposits to Chase bank accounts for free.
  • Blackhawk Network appoints Harel Kodesh as chief technology officer.
  • Lendio Southwest Michigan franchise opens to offer funding to local businesses.

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.