Meniga announces €7.3m investment led by Velocity Capital and Frumtak Ventures

Meniga just announced it raised a €7.3m ($8.3m) round led by current investors Velocity Capital and Frumtak Ventures earlier this year. The funding will be used to further expand its white label personal finance, personalization and data-driven marketing solutions for retail banks and merchants, according to a statement. Following the funding, Willem Willemstein, Chairman and CEO of Velocity Capital, joins Meniga’s board of directors.

Georg hjá Meniga
Georg Lúðvíksson, Co-founder and CEO of Meniga

“For the past seven years we have focused on honing our digital banking products,” Georg Lúðvíksson, co-founder and CEO of Meniga said in a written statement.  “Now, in addition to supporting banks in helping their customers better understand and manage their finances, we can further help banks engage with merchants and be compliant with upcoming regulations, such as PSD2.”

The company has become known for its white-label personal finance management solutions, that they integrate with the online banks of their customers. Last year news broke of a deal with Europe’s leading bank, Santander. In addition to PFM software, the company has been developing solutions that leverage the massive amounts of data they have access to. In what the company calls “Card-Linked Offers and Consumer Spending Analytics platform” they offer analysis of consumer trends, and give merchants the ability to target people based on their consumption behavior. These products have been live in Iceland under the name Kjördæmi for some time.