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Meniga, the digital banking tech provider, raises €8.5M led by French bank Groupe BPCE

Meniga, the London-headquartered fintech that provides digital bank engineering to some of the world’s largest banks, has closed a EUR8. 5 million in additional funding.

Described principally as a” strategic investment ,” the round is led by Groupe BPCE, the second-largest banking group in France, alongside Portugal’s Grupo Credito Agricola and long-standing strategic partner UniCredit. All three are purchasers of Meniga.

The funding will be used for continued investment in Meniga’s R& D works, as well as to strengthen the fintech’s marketings and busines crews to meet what it says is growing demand. Other its participation in the round include current institutional investors Velocity Capital, Industrifonden, and Frumtak Ventures.

“We are very pleased to welcome Groupe BPCE and Credito Agricola to our developing group of strategic investors ,” says Georg Ludviksson, CEO and co-founder of Meniga, in a statement posted.” Partnering closely with our customers is a key part of our approach to be the preferred digital innovation partner to our patients. An equity affair is an excellent method to strengthen such partnerships “.

Meniga’s digital bank stage aids banks and fintechs use personal investment data to innovate in their online and portable renders. Its many makes include a software blanket that connects the gap between a bank’s legacy tech infrastructure and a modern API, realizing it easier to build consumer-friendly digital bank experiences.

Meniga’s product collection spans data aggregation technologies, personal and business commerce management mixtures, cashback payoffs and transaction-based carbon insights.

The company’s tech has also been designed to support and benefit from Open Banking, and is assisting this, its products and services are already used by more than 90 million banking clients across 30 countries.

This saw it open new department locations in Barcelona and Singapore in 2019, adding to its existing attendance in London, where the company is headquartered, and Reykjavi, where much of its R& D is located, alongside departments in Stockholm, Helsinki and Warsaw.

Meanwhile, lead investor Groupe BPCE first partnered with Meniga back in 2018. Cue statement from Groupe BPCE’s Yves Tyrode, principal digital and data officer, and member of the management board of Groupe BPCE: “Our partnership with Meniga has been extremely positive to date. Together, we have laid the groundwork for continued digital invention at Groupe BPCE to better serve our purchasers in a very dynamic banking market. We look forward to continue transforming our digital purchaser suffer and contribute to building the future of digital banking along with Meniga “.

Meniga helps incumbent banks impede fintech nervousnes at bay

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