Meniga, the London fintech that gives digital banking expertise to main banks, has closed €10 million in further funding.
The spherical is led by Velocity Capital and Frumtak Ventures. Additionally collaborating are Industrifonden, the U.Okay. Authorities’s Future Fund and present clients UniCredit, Swedbank, Groupe BPCE and Íslandsbanki.
Meniga says the funding will probably be used for continued funding in R&D, and particularly additional improvement of inexperienced banking merchandise — constructing on its carbon spending insights product. As well as, the fintech will bolster its gross sales and repair groups.
Headquartered in London however with further workplaces in Reykjavik, Stockholm, Warsaw, Singapore and Barcelona, Meniga’s digital banking options assist banks (and different fintechs) use private finance information to innovate of their on-line and cellular choices.
Its varied merchandise embrace a software program layer that bridges the hole between a financial institution’s legacy tech infrastructure and a contemporary API, making it simpler to construct consumer-friendly digital banking experiences. The product suite spans information aggregation applied sciences, private and enterprise finance administration options, cash-back rewards and transaction-based carbon insights.
Meniga tells TechCrunch it has skilled a big improve within the demand for its digital banking services over the previous 12 months. This has seen the fintech launch a complete of 18 digital banking options throughout 17 nations.
Serving to gasoline that demand is the necessity for banks to draw and retain a era of shoppers that more and more care about sustainability and the necessity to sort out local weather change. Enter Meniga’s inexperienced banking resolution: Dubbed “Carbon Perception,” it leverages private finance information in order that cellular banking clients can monitor and, in idea, cut back their carbon footprint.
Particularly, it lets customers monitor their estimated carbon footprint for a given time interval (which may be damaged down into particular spending classes); monitor the estimated carbon footprint of particular person transactions; and examine their total carbon footprint and the carbon footprint of spending classes with that of different customers.
Final month, Íslandsbanki grew to become the primary Nordic financial institution to implement Meniga’s Carbon Perception resolution into its personal digital banking providing.