Icelandic fintech Meniga just announced a $16M Series D round, where leading banks such as Groupe BPCE and Crédito Agrícola as well as the Icelandic VC Omega participated.
Meniga provides digital banking solutions to banks and financial institutions in over 30 countries across Europe, North America, the Middle East and Asia. Through their customers, such as UOB, UniCredit, Groupe BPCE, Crédito Agrícola, Swedbank, and Commercial Bank of Dubai they reach over 100M banking customers.
This strong track record of working with leading banks is apparent in the fact that leading investors in this round are users of the product itself. Emmanuel Puga Pereira, Chief Digital Officer at Groupe BPCE, said that
"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 have seen firsthand how Meniga’s solution is a key component for banks to succeed.”
According to a press release from Meniga, part of the capital injection will be used towards clearing existing debt, rendering the company almost debt-free. It 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.
This fundraising was the first since CEO Raj Soni joined the company joined the company earlier this year. According to Business Insider he declined to comment on Meniga's valuation but said: "Any fundraising in today's environment has to be reflective of the market sentiment. Some companies have taken a hit, we have managed to find a balance and keep different parties satisfied."