Meniga Acquires Swedish Rewards Platform Wrapp

Multiple-time Finovate Best of Show winner Meniga is starting off 2019 with an acquisition: purchasing Swedish rewards platform Wrapp for an undisclosed sum. Meniga CEO and co-founder Georg Ludviksson told Reuters that the acquisition would contributed directly to the company’s top line, “adding just over €3 million in annual recurring revenues from rewards,” as well as providing growth opportunities for Meniga in the Nordic region.

Both companies are active in the transaction-driven rewards space – Meniga in Iceland, Wrapp in Sweden and Finland. Together, they will offer a singular solution under the Meniga brand, and operate out of Stockholm, Sweden. Wrapp CEO Aage Reerslev will become Meniga’s VP of Rewards.

“We believe the merger brings us to a tipping point given the strong commitment we have from existing platform partners,” Reerslev said. “This is the right time to invest in transaction-driven marketing technology and create a more intelligent user-centric service which basically helps people buy better and smarter, not more.” Reerslev called it “a new standard for rewarding people and digitally bringing consumer brands closer to their customers – powered and distributed by the banks.”

Founded in 2011, Wrapp raised more than $36 million in funding from investors including Greylock Partners, Qualcomm Ventures, and Atomico. The transaction-driven marketing specialist has been live with six bank partners and has provided rewards and cashbacks for more than 350 brands.

Meniga most recently demonstrated its technology on the Finovate stage at FinovateFall 2018, winning Best of Show honors. During a busy fall season, the company announced a partnership with Singapore’s United Overseas Bank to provide data enrichment and categorization tools for the company’s recently-launched digital bank. Meniga also raised $3.4 million in funding last fall, courtesy of an investment from Íslandbanki, the company’s initial and longest-standing financial backer. The November financing was the second capital infusion for the company in 2018, having picked up $3.6 million in new funding from UniCredit in June.

Meniga has enriched more than 30 billion transactions for 65 million consumers in 30 countries on four continents. The firm processes 34 million transactions a day. The company was founded in 2009.

Finovate Alumni News

On Finovate.com

  • Meniga Acquires Swedish Rewards Platform Wrapp.

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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 Inks Deal with Singapore’s United Overseas Bank

According to reporting from Tanya Andreasyan of Fintech Futures (Finovate’s sister publication) Singapore-based United Overseas Bank (UOB) has signed a deal with Icelandic fintech vendor Meniga for its data enrichment and categorization tools for UOB’s recently launched digital bank. The technology will help the bank’s customers “keep track in real time of their savings and expenses more easily and clearly,” Meniga said.

According to the vendor, UOB becomes the first bank in Southeast Asia to sign for Meniga’s solution “to simplify complex and multiple transaction datasets into simple and relevant data” for its clients. It will also help the bank to gain a better understanding of customer needs and prompt them to make smarter decisions in managing their finances.

For example, a customer who dines out frequently could be asked if they would like to set a budget for dining out and to be alerted to stay on track. The customer can also categorize expenses through personalized hashtags, such as #rainydayfund or #coffeewithfriends and check in real-time how much has been spent in each category.

Dr Dennis Khoo, head of regional digital bank and digital banking, UOB, described the project with Meniga as “a key building block in the bank’s data-centric approach to use data as a strategic asset.”

He explained: “A pain point customers typically face when tracking their monthly expenses is the inconsistency in how retail names are recorded. As a result, it takes a longer time to match their expenses with what is reflected in their statements. The inconsistency is due to the transaction data coming from different sources, each with its own classification set.

“Meniga’s solution powers UOB’s digital bank’s advanced expense tracking which sorts and categorises these large volumes of complex transaction data. This means our customers can match their purchases without having to scratch their heads trying to figure out the retail or brand name associated with the merchant.

“Our customers will also be able to organise the way in which they manage their finances in real-time so that it is always personal to them and relevant to their own needs.”

For Georg Ludviksson, CEO and co-founder of Meniga, the UOB deal is “an important milestone in Meniga’s geographical expansion”. Furthermore, “it is one of the largest and most exciting personal financial management (PFM) partnerships ever made in Southeast Asia”, he added. Thanks to this deal, Ludviksson said, Meniga’s product will be launched in “several exciting, high-growth markets” in the region.

UOB has a network of more than 500 offices in 19 countries in Asia Pacific, Europe and North America. In Asia, it operates through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam.

Meniga’s news comes just days after the company announced a major investment from Islandbanki. Meniga noted that the funding, which comes from its first and longest-standing client, will support its R&D efforts to build out its products.

Founded in 2009, the five-time Best of Show winner demonstrated its technology at FinovateFall back in September. Meniga has 65 million digital banking customers in 30 countries via its partnerships with FIs including Santander, ING Direct, and fellow Finovate alum, mBank.

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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 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.

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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.

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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.

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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.

FinovateFall 2018 Best of Show Winners Announced

Meet the Fantastic Five – the top vote-getters in this year’s Best of Show voting at FinovateFall 2018.

There’s a lot to love about the companies that took home top honors at this year’s autumn event. Maybe you are a fan of financial literacy, and believe that the best way to ensure a happy financial future is to invest in financial education at an early age. Perhaps you are looking for ways to better engage the customers at your bank or credit union, providing them with more personalized, intuitive solutions to improve their financial lives.

From the challenge of helping aging parents manage their finances and avoid scams to innovative strategies to turn everyday purchases into investments in the stock market, the Best of Show winners of FinovateFall 2018 are a diverse group. And that diversity reflects the fascinating breadth of what it means to be a fintech company today.

With that, let’s meet our Fantastic Five. Four of them are Finovate newcomers and the fifth, Meniga, is both a long time alum and multiple Best of Show award winner.

Banzai for its industry-leading, turnkey, CRA eligible, experience-based learning solutions that help users master personal finance. Video.

 

Bond.AI for its human-centered AI platform, powered by the world’s first “Empathy Engine,” that helps banks better understand user behavior and encourage them to improve their financial health. Video.

 

Bumped for its technology that enables brands to give their customers free stock for their purchases, turning loyal shoppers and spenders into shareholders. Video.

 

Golden for its Financial Caregiving app and website that socializes wealth and daily money management across generations, helping 75 million baby boomers who are taking financial care of their 50 million senior parents. Video.

 

Meniga for its white-label, digital banking solutions that enable banks to build customer engagement and help customers improve their financial lives. Video.


Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The five companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 through 2018 conferences are below:
FinovateEurope 2015
FinovateSpring 2015
FinovateFall 2015
FinovateEurope 2016
FinovateSpring 2016
FinovateFall 2016
FinovateAsia 2016
FinovateEurope 2017
FinovateSpring 2017
FinovateFall 2017
FinovateAsia 2017
FinovateMiddleEast 2018
FinovateEurope 2018
FinovateSpring 2018

 

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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.