London-based Fintech Startup Meniga Secures €15 million in Series D Round Funding. The new investment round included major European banks, Groupe BPCE and Crédito Agrícola, and the leading Icelandic VC group, Omega ehf, with participation from several existing shareholders. Total funding in Meniga to date amounts to €55 million.
Part of the capital injection will be used towards clearing existing debt, rendering Meniga almost debt-free. The funding will also be invested in the roll-out of Meniga’s new strategy, focusing on further developing its core capabilities around Data Enrichment and Hyper Personalised Insights for the financial services sector.
Emmanuel Puga Pereira, Chief Digital Officer at Groupe BPCE, comments: “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. We are looking forward to seeing the firm’s continued focus on enrichment as well as personalised insights.
Sergio Raposo Frade, Executive Board Member at Crédito Agrícola, comments: “Crédito Agrícola’s investments are focused on innovative fintechs that are critical to the digitisation and future of the financial services sector.
Sigthor Sigmarsson, Director of Omega, comments: “Omega has a track record of finding and investing in successful ventures and scale-ups. We look forward to working with Meniga to achieve its focused growth strategy, based on proven products, strong international customer portfolio and seasoned leadership team.
Meniga’s new strategy, devised post the arrival of the new CEO Raj Soni in the summer of 2023, will see its product portfolio simplified, diversification into verticals beyond banks, targeting new customers in emerging markets across MEA, LatAm, Asia and creation of new operational hubs to drive growth and post-launch customer support.
Meniga is a global leader in digital banking solutions serving over 100M banking customers across 30 countries. Meniga’s award-winning products enable the world’s largest financial institutions to dramatically improve their online and mobile digital environment.