- UK fintech Meniga has secured €15 million in Series D funding in a round including Groupe BPCE and Crédito Agrícola, and the Icelandic VC group, Omega ehf.
- The funding will be used towards debt clearance and to further develop Meniga’s core capabilities as it pivots towards a new business strategy.
- The new strategy will focus on Data Enrichment and Hyper Personalised Insights for financial services, along with payment capabilities for banks under Open Banking and Open Finance regulations.
Meniga, an UK fintech firm providing personal finance management solutions, has announced successful securing of €15 million in a Series D funding round. This new round of investment includes European banks Groupe BPCE and Crédito Agrícola, as well as the Icelandic VC group, Omega ehf, and several existing shareholders.
The additional funding brings Meniga’s total amount raised to date to €55 million. The capital raised will be used towards clearing its existing debt, aiming to render Meniga nearly debt-free. Additionally, the funds will be invested in further developing Meniga’s core capabilities with a focus on Data Enrichment and Hyper Personalised Insights for financial services sector along with the roll-out of new business strategy.
Meniga’s refreshed strategy prioritizes the enablement of Payments capabilities for banks in the continually growing Open Banking and Open Finance ecosystem.
Emphasising on the importance of Meniga’s solution for banks’ success, Emmanuel Puga Pereira, Chief Digital Officer at Groupe BPCE, commented, “We are excited to continue our partnership with Meniga, which currently empowers the digital banking experience for our over 10 million users, and provides more than 100 million insights for our users every year.”
Sergio Raposo Frade, Executive Board Member at Crédito Agrícola, stated that Meniga has been a key part of their innovative mobile-only banking offer moey! since 2019 and welcomed the long-term partnership with the investment.
In addition to serving over 100 million banking customers across 30 countries, Meniga aims to diversify into verticals beyond banking, targeting new customers in emerging markets and establish new operational hubs to fuel growth and post-launch customer support.
