With the present COVID-19 pandemic inserting most individuals in lockdown and our rising reliance on the web, it’s only pure that almost all providers at the moment are logging on. Whereas ‘Digital banking’ is just not new, it’s positively adapting properly.
One of many main fintech names within the EU — Meniga — that provides digital banking expertise to a few of the world’s largest banks has reached a brand new milestone. The Iceland-born startup has simply raised €8.5 million in a ‘strategic’ funding spherical. Now, London-headquartered, the corporate was based in direct response to the Icelands’s monetary disaster in 2008 and is now eager to spice up digital banking throughout Europe.
Meniga’s strategic funding spherical led by massive names
The newest funding spherical for Meniga was led by Clients Groupe BPCE, the second-largest banking group in France, together with Portugal’s Grupo Crédito Agrícola and the corporate’s long-standing strategic accomplice UniCredit. Present institutional traders together with Velocity Capital, Industrifonden & Frumtak Ventures additionally invested within the digital banking platform supplier.
The newest funding will likely be utilised by the corporate for Analysis and Growth and for strengthening its gross sales and repair groups to fulfill the rising demand. In an unique interview with Silicon Canals, the corporate’s CEO and co-founder Georg Ludviksson says, “The funding will be used for continued investment in Meniga’s R&D activities, and to strengthen our company’s sales and service teams, in order to meet growing demand and to consolidate our presence in each of our respective markets.”
Elaborating on enterprise plans for 2020, he provides, “A key focus for 2020 will be to continue offering our support for existing and new customers, to help them provide the best possible tools and services for people to manage their finances during the turbulent times brought about by COVID-19. This is what we started out doing in the wake of the financial crash in 2009, so when it comes to our ‘crisis offering’ I’d argue it’s probably one of the strongest out there.”
Not too long ago, the UK firm additionally introduced that it has been efficiently registered as an Account Info Service Supplier by the Monetary Conduct Authority (FCA) within the UK.
“We are extremely pleased to welcome Groupe BPCE and Crédito Agrícola to our growing group of strategic investors. Partnering closely with our customers is a key part of our strategy to be the preferred digital innovation partner to our clients. An equity relationship is an excellent way to strengthen such partnerships”, he provides within the firm press launch. “We recognize the continued vote of confidence and rising enterprise we’ve with our spectacular world shopper base“.
Core mission: Serving to individuals lead higher monetary lives
Meniga was based again in 2009 off the again of the monetary crash in Iceland. Ludviksson reveals, “From the beginning, we got down to assist individuals lead higher monetary lives and that is nonetheless our mission in the present day. Over the previous ten years, there was a notable investor urge for food for fintechs and challenger banks which, helped by regulatory modifications reminiscent of PSD2 and Open Banking, has supercharged innovation throughout the monetary business. Customers in the present day will not be settling for something lower than world-class person expertise and instruments that may assist them handle their day-to-day funds with ease. “
Meniga ensures that main banks and different monetary providers suppliers globally are capable of compete with, and exceed, the value being supplied by their opponents. The corporate’s digital banking platform allows its shoppers to make use of private finance information in order that they will innovate of their on-line and cellular channels. Their product providing consists of information aggregation applied sciences, private and enterprise finance administration options, cashback rewards and transaction-based carbon insights.
Boosting digital banking throughout Europe
Meniga has continued its profitable run over time. The corporate’s headquarters are located in London and it has places of work in places of work in Reykjavik, Stockholm, Helsinki, Warsaw, Singapore, and Barcelona. “Something that makes Meniga stand out is our global reach. With offices in London, Reykjavik, Stockholm, Helsinki, Warsaw, Singapore, and Barcelona, customers across 30 different countries, and reaching over 90 million end-consumers, we have a great understanding of the various needs of different markets. There is nothing we haven’t seen over the years and we have learned what works best where, how and for whom.” provides Ludviksson.
‘Digital banking software program is just not slumping‘
The coronavirus has adversely impacted many companies however Digital banking software program has not slowed down. Meniga has witnessed a surge in individuals demanding assist with their private funds ever since COVID-19. “We recently surveyed a cohort of senior European bankers and found that 90% of respondents acknowledged that a good digital banking user experience for their customers will be more important in the post-COVID era.” remarks Ludviksson.
Commenting on the present situation, Ludviksson says, “Digital banking software is not slumping in importance because of this crisis, we’re fortunate when it comes to our product offering. If anything, digital banking and personal finance becomes even more relevant in times of economic downturn, and this also means we have a core revenue stream that is fairly recession-resistant. One thing we’ve done in response to COVID-19 is to reposition the marketing message of our products, going back to our roots and focussing on selling core budgeting and personal finance management products.”
As for the present yr, Meniga will likely be centered on providing its continued help to current and new clients. “We will provide them with the best possible tools and services for people, to manage their finances during the turbulent times brought about by COVID-19. This is what we started out doing in the wake of the financial crash in 2009, so when it comes to our ‘crisis offering’ I’d argue it’s probably one of the strongest out there.” provides Ludviksson.
Picture credit: Meniga
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