Nordic investors have taken a shine to Meniga, with the fintech firm raising €7.5m for its digital banking platform.
Meniga’s fintech R&D has received a boost after a raft of Nordic VCs invested, or reinvested, in the company this week.
A total of €7.5m was raised by Meniga – which has a London HQ and an Icelandic R&D hub – with sales and further development the order of the day.
Meniga created a digital banking platform that aims to helps banks use personal finance data to enrich their CX. The injection of funds brings its total finance raised to €21m since 2009.
Having started out with personal finance management in 2009, the company has since shifted to include data-driven, card-linked offers; personalisation; and other user-centric services designed to make online and mobile banking more engaging and useful.
Nordic VC Industrifonden led the round, which included current investors Velocity Capital, Frumtak Ventures and Kjölfesta.
“Banks are facing up to the reality that their future competitors are not just traditional banks, but also fintech start-ups, new challenger banks and technology giants like Apple, Facebook and Amazon,” said Georg Ludviksson, CEO of Meniga.
“To compete effectively, they must innovate faster and become better at using their data,” he said, claiming that demand for his company’s products is surging.
“The funding allows us to accelerate growth and work with more banks to help them pave the way for customers to engage through digital channels. Industrifonden is a great fit for Meniga, and their team brings decades of experience to help us on our journey.”
Meanwhile, the EU has introduced new rules that will increase liquidity for start-ups and SMEs, as well as protecting investors.
It passed new regulations to make money market funds (MMFs) more resistant to crises and market turbulence. MFFs supply easily accessible liquid assets to start-ups and SMEs but, in the past, have been vulnerable to panic runs on their money.
Elsewhere, VC firm 83North has closed a new $250m fund to invest in European and Israeli start-ups.
This is the fourth such fund raised in 11 years, bringing total capital under management to $800m.