Aage Reerslev, former CEO of Wrapp, now VP of Rewards at Meniga

Meniga, the digital banking solution provider, has acquired Stockholm based rewards platform Wrapp in a bid to increase its growth in the Nordic region.

Meniga has developed a framework for next-generation digital banking centered around advanced data consolidation & enrichment, customer engagement and new revenue opportunities. It’s portfolio of products includes personal finance management, automated real-time notifications, predictive analytics and personalized engagement technologies, card-linked offers and consumer data analytics.

Wrapp, founded by Hjalmar Winbladh and Aage Reerslev, has been live with 6 bank partners and operational in Sweden and Finland. Over the past two years, the fintech has provided rewards and cashbacks for more than 350 brands. .

Previously offering transaction rewards independently, Meniga and Wrapp will merge their technologies and teams into one operating base under Meniga’s banner at Stockholm.

“We believe the merger brings us to a tipping point given the strong commitment we have from existing platform partners. 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”, said Aage Reerslev, former CEO of Wrapp, now VP of Rewards at Meniga.

“Combining Wrapp’s merchant technology and network with Meniga’s advanced segmentation and experience in digital solutions will create a truly compelling offering for banks and merchants.”, said Peter Åkesson, Head of Partnerships & M&A in Personal Banking at Nordea.

“We believe that banks are in a unique position right now to deliver a compelling proposition to their customers while carving out a meaningful share of the digital advertising market. But banks need to act fast before others beat them to building scale in this space,” explains Georg Ludviksson, CEO and co-founder of Meniga.

Meniga, since its establishment ten years ago, has raised around $34 million dollars. Shareholders of Wrapp (including Nordea) will acquire 25% of the shares of Meniga, thus joining the Meniga shareholders club including Unicredit, Swedbank and Íslandsbanki among others.

 

 

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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