Fintech company Meniga secures €15 million in funding to expand operations and hasten the execution of its novel approach
Meniga, a leading provider of Personal Finance Management solutions, has announced a significant €15 million investment in its Series D funding round. This injection of capital is set to propel the company forward in its strategic growth ambitions.
The new strategy, devised under the leadership of the recently appointed CEO Raj Soni, focuses on further developing Data Enrichment and Hyper Personalised Insights for the financial services sector. The strategy also emphasises the enablement of Payments capabilities for banks in the Open Banking and Open Finance ecosystem.
Part of the capital will be utilised to clear existing debt, making Meniga almost debt-free. This financial restructuring is expected to provide stability and foster growth in the company's operations.
Emmanuel Puga Pereira, Chief Digital Officer at Groupe BPCE, expressed his excitement about Meniga's continued focus on enrichment and personalized insights. He commented on the partnership, stating, "We look forward to Meniga's continued innovation and the valuable insights they bring to our digital banking services."
Meniga's customer base includes influential banks from Europe, North America, the Middle East, and Asia, such as UOB, UniCredit, Groupe BPCE, Crédito Agrícola, Swedbank, and Commercial Bank of Dubai. Crédito Agrícola, in particular, has been a long-term partner, with Meniga empowering the digital banking experience for over 10 million of its users since 2019.
The strategy also targets emerging markets across MEA, LatAm, and Asia for expansion. Sigthor Sigmarsson, Director of Omega, looks forward to working with Meniga to achieve its focused growth strategy. Sergio Raposo Frade, Executive Board Member at Crédito Agrícola, expresses investment focus on innovative fintechs, stating, "We believe Meniga's solutions will significantly contribute to our digital banking strategy."
The funding round includes Groupe BPCE, Crédito Agrícola, Omega ehf, and several existing shareholders. The new CEO, who took office in the summer of 2023, is not named in the provided search results.
Meniga serves over 100 million banking customers across 30 countries globally. The company provides more than 100 million insights for Groupe BPCE's users every year. The new strategy also includes simplifying Meniga's product portfolio, diversification into verticals beyond banks, targeting new customers in emerging markets, and creating new operational hubs for growth and post-launch customer support.
With the total funding in Meniga now amounting to €55 million, the company is well-positioned to execute its strategic vision and continue its mission of empowering personal finance management for banks and their customers worldwide.
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