London-based Meniga, which provides digital banking technology to leading banks, has closed € 10 million in additional funds.
The round is led by Velocity Capital and Frumtak Ventures. Also participating are Industrifonden, UK Government Future Fund and existing customers UniCredit, Swedbank, Groupe BPCE and bankslandsbanki.
Meniga says the fund will be used for continued investment in research and development, and in particular in the further development of green banking products – building on its Carbon Spending Insight product. In addition, Fintech will strengthen its sales and service teams.
Headquartered in London but with additional offices in Reykjavik, Stockholm, Warsaw, Singapore and Barcelona, Meniga’s digital banking solutions help banks (and other fintechs) use personal finance data to innovate in their online and mobile offerings. Huh.
Its various products include a software layer that bridges the gap between the bank’s legacy tech infrastructure and modern APIs, making it easy to build consumer-friendly digital banking experiences. The product suite extends to data aggregation technologies, personal and business finance management solutions, cash-back rewards and transaction-based carbon insights.
Meniga tells ClearTips that it has experienced significant growth in demand for its digital banking products and services over the past year. It has seen a total of 18 digital banking solutions fintech launch in 17 countries.
Helping fuel that demand banks need to attract and retain a generation of customers who care about sustainability and the need to deal with climate change. Enter Meniga’s Green Banking Solution: Dubbed “Carbon Insight”, it leverages personal finance data to help mobile banking customers reduce their carbon footprint and track them in principle.
In particular, it allows users to track their estimated carbon footprint for a certain time period (which can be broken down into specific spending categories); Track the estimated carbon footprint of individual transactions; And compare their overall carbon footprint and the carbon footprint of the spending categories with other users.
Last month, bankslandsbanki became the first Nordic bank to implement Meniga’s Carbon Insight solution in its own digital banking offer.