On the heels of its FinovateEurope demo this week, digital banking participant Meniga has raised $11.8 million (€10 million). The funding brings the corporate’s whole funding to $55.7 million.

Velocity Capital and Frumtak Ventures led the spherical, adopted by Industrifonden and Meniga clients UniCredit, Swedbank, Groupe BPCE, and Íslandsbanki.

“Meniga has established itself as a trusted strategic companion to top-tier banks world wide for Private Finance Administration and Enterprise Finance Administration instruments, that are constructed on prime of its market-leading knowledge consolidation and enrichment applied sciences,” mentioned Willem Willemstein, Common Associate & Founder at Velocity Capital Fintech Ventures. “We’re extraordinarily excited concerning the rising demand for the personalised banking experiences that Meniga delivers, resembling its new product, Carbon Insights, which makes use of transaction knowledge to measure a financial institution buyer’s carbon footprint.”

Meniga will use the funds to extend its R&D efforts and additional construct its gross sales and repair groups. The corporate additionally mentioned it should use the funds to bolster its inexperienced banking merchandise.

The latter level is notable as a result of Meniga has been making a reputation for itself within the inexperienced banking area because the launch of its Carbon Insights software. Whereas a number of digital banking suppliers, resembling Aspiration and Treecard, have launched in an effort to advertise ESG banking for particular person shoppers, there haven’t been many gamers serving to incumbent banks to compete by providing their very own inexperienced banking merchandise.

Launched final 12 months, Carbon Insights permits banks to tell clients about their carbon footprint primarily based on their spending habits and affords them the flexibility to cut back or offset it. Earlier this month Iceland’s Íslandsbanki grew to become Meniga’s first shopper for Carbon Insights.

In the course of the firm’s FinovateEurope demo, Meniga CEO and Co-founder Georg Ludviksson famous that the corporate is at present implementing Carbon Insights with banks in 4 separate international locations. “The demand is rising quick,” he added. “Carbon-concious shoppers are right here to remain.”

Based in 2009, Meniga powers banking apps utilized by greater than 100 million individuals in additional than 30 international locations. The corporate is headquartered within the U.Okay. with workplaces in Reykjavik, Stockholm, Warsaw, Singapore, and Barcelona.


Picture by Alena Koval from Pexels

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