Nordea, Meniga bolster digital banking offering with cashback rewards

According to the agreement, Nordea will continue to offer personalised cashback rewards, which are tailored to individual spending profiles, to its customers in Sweden. Through the multi-bank platform, banks can integrate - via Meniga’s cloud-based API - cashback rewards directly into their mobile banking applications, and provide their customers with various personalised, cashback rewards and discounts from some of their favourite retail brands. The platform offers merchants a way of attracting new customers and a more cost-efficient marketing tool. Fundamentally, this helps create a mutually beneficial ecosystem between banks, merchants, and consumers.

Meniga’s cashback rewards platform has already been used by 650,000 end-users across Sweden, Finland, and Iceland. Nordea is one of three Nordic financial institutions currently live on Meniga’s cashback rewards platform, connecting to over 250 retail partners. Cashback rewards are amongst the fastest-growing performance marketing channels across the globe - with more than 100 million active cashback rewards users in the US alone and cashback transactions growing more than 100% per annum according to the CardLinx Association. As cashback rewards continue to grow around the world, Meniga has experienced a notable increased interest from banks, financial institutions and other fintechs willing to collaborate and participate in the multi-bank, cross-border rewards platform.