The round was led by the growth fund Kjolfesta and included participation by Frumtak, a venture capital fund that invested in Menigaâs seed round in 2010.
Online PR News – 03-July-2013 – Stockholm, Sweden – Meniga, while profitable since 2011, plans to use the new capital to invest more heavily in the ongoing development of its award-winning PFM and next-generation online banking solution designed to maximize engagement. A particular focus will be on helping banks translate raw transactional data into valuable information and give banks the ability to provide their customers with highly relevant and personalized recommendations and offers.
âThe investment is a great endorsement of our success so far and our mission to help people lead better financial lives while at the same time help retail banks better serve their customers. It allows us to concentrate on innovation aimed at helping online banking users benefit from the immensely rich data that is generated by their own financial transactions. Financial institutions that give their customers simple, smart, and user-centric tools to get better control of their finances and use data to help them find savings and offers on their terms have a tremendous advantage. While this development is still at an early stage, in a few years it will become something that most people simply expect from their primary financial institution. And more and more banks are realizing what great opportunities for growth and new business models this trend will bring if they act in time.â, says Georg Ludviksson, CEO and Co-Founder of Meniga.
âWe invest in leading companies in fast growing markets. Meniga has earned a global reputation for innovation and quality with its PFM Solution. By competing successfully, it has risen to become the clear European market leader in its space in a very short time and built a solid foundation for the future. Menigaâs growth prospects are also excellent as investment in online banking continues to increase across the board.â, says Kolbrun Jonsdottir, managing director of Kjolfesta
Since 2009, Meniga has been building white-label personal finance management (PFM) and next generation online banking solutions for retail banks. Menigaâs award winning PFM Solution boasts industry leading adoption and retention metrics and rivals any other PFM solution in the world today in terms of functionality, usability, scalability and security. To achieve true mass appeal, Meniga uses social curiosity, humor and gaming concepts to engage users to think about their money. With 7 live implementations and many more under way, Meniga is the European market leader of white-label PFM Solutions for retail banks. The solution is being implemented in partnership with financial institutions in 12 countries to date, reaching close to 10 million online banking users. Meniga was awarded âBest of Showâ in 2011 and 2013 at Finovate Europe, Europe's most prestigious financial technology conference.
Kjolfesta is an Icelandic growth and private equity fund owned by 14 insitutional investors including 12 pension funds. Kjolfesta invests in small and medium sized private companies in Iceland with excellent growth prospects.
Frumtak is a venture capital fund owned by the New Business Venture Fund, 3 banks and 6 of Icelandâs largest pension funds. Frumtak invests in start-up companies with high potential for high international growth. Frumtak is an active investor that helps build companies that can become leaders in their markets and support high return on investment.