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Meniga Scoops Up $3.6 Million in New Funding Courtesy of UniCredit Investment

Via its venture arm, UniCredit EVO (Equity Venture Opportunities), UniCredit has taken a $3.6 million (€3.1 million) minority stake in digital banking solutions provider Meniga. The investment is part of a strategic partnership that will integrate Meniga’s Financial Fitness solution into UniCredit’s platform, providing customers with a data-driven, personalized way to better meet their financial goals.

“The partnership represents the biggest PFM deal in Europe to date and the Meniga team is excited to be part of UniCredit’s digital transformation journey,” Meniga CEO Georg Ludviksson said. “The investment from UniCredit EVO will enable us to keep momentum and focus on the continuous development of our products to ensure we are delivering the most innovative digital banking solutions to our clients.”

Meniga said the additional funding will be used to bolster product development ahead of an anticipated surge in demand for its solutions as companies adapt to PSD2. The new capital comes just over a month after the  company picked up a similarly-sized investment from Nordic bank Swedbank, and takes the company’s total financing to more than $30 million.

Serving more than 50 million digital banking users in 23 countries, Meniga helps financial institutions leverage their data to improve customer engagement and provide more personalized service. The company’s digital banking solutions include both PFM and BFM products, as well as a customer engagement platform to build and run personalized campaigns. Its marketing solutions enable FIs to generate revenue with merchant-funded card-linked offers, and provide valuable consumer data analytics that FIs can offer to their business customers to help them better understand market trends.

Supporting Meniga’s product suite is the company’s data consolidation and enrichment engine that collects and enriches transaction and financial product data to enable a high degree of personalization for the customer. With 34 million transactions processed daily, Meniga has enriched more than 30 billion transactions to date.

With offices in London, U.K.; Reykjavik, Iceland; Stockholm, Sweden; and Warsaw, Poland, Meniga demonstrated its technology at FinovateEurope 2018, winning Best of Show. Earlier this year, Meniga announced a partnership with French banking group, BPCE. The company began the year with a win at the Icelandic Web Awards, taking home top honors in the Best App and Best Web Solution categories.