Meniga secures €10 million in funding led by Velocity Capital and Frumtak

By Megha Bhattacharya

Meniga has closed a €10 million strategic investment round led by institutional investors, Velocity Capital FinTech Ventures, and Frumtak Ventures. Other participants in the round include Industrifonden, the UK Government’s Future Fund, and existing customers UniCredit, Swedbank, Groupe BPCE, and Íslandsbanki.

“We are extremely pleased with the continued backing from our investors and strategic customers. The new capital will be instrumental in helping us accelerate our expansion into sustainable finance management. We are already working with banks across the world helping them accelerate their green-banking strategies with our Carbon Insight solution. Our Carbon Insight solution is going live with banks in 4 different countries during 1H 2021 and the demand is accelerating,” said Georg Ludviksson, CEO & co-founder of Meniga.

The funding will be used for continued investment in Meniga’s R&D activities, and in particular the development of innovative green banking products. In addition, the new injection of investment will help strengthen Meniga’s sales and service teams to meet growing demand and changing dynamics in the global digital banking market.

Willem Willemstein, General Partner & Founder at Velocity Capital FinTech Ventures said, “Meniga has established itself as a trusted strategic partner to top-tier banks around the world for Personal Finance Management (PFM) and Business Finance Management (BFM) tools, which are built on top of its market-leading data consolidation and enrichment technologies. 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.”

Finja Carolin Kütz, Group Chief Transformation Officer & Deputy COO at UniCredit said, “At UniCredit, sustainability is part of our DNA and we are extremely pleased to continue our successful partnership with Meniga also by supporting their use of innovation and technology for new green banking solutions. This is an area of increasing focus for our Group in line with the growing interest and appetite that we see from our clients, both corporate and retail, for green and sustainable financial products. Last year was a big push for the whole financial sector to accelerate on digitalisation and sustainability, and this is a great example of the two coming together through innovation to capture current market trends and deliver value to customers.”