The investment round includes a series of European banks, Groupe BPCE and Crédito Agrícola, and Icelandic VC group Omega ehf, with participation from several existing shareholders. The amount of funding Meniga has received so far is a total of EUR 55 million.
According to the official press release, part of the investment will be used to clear Meniga's existing debt, making the company almost debt-free. The remaining funds will be directed towards implementing Meniga's new strategy, which will focus on enhancing its core capabilities in Data Enrichment and Hyper Personalized Insights for the financial services industry. Additionally, the new strategy aims to enable payment capabilities for banks in the growing Open Banking and Open Finance ecosystem.
As per Groupe BPCE's statement, these capabilities are necessary for all BPCE banks to effectively engage with their end users. Meniga currently empowers the digital banking experience for its users and provides more than 100 million insights for its users every year.
Additionally, Crédito Agrícola commented that its investments are focused on fintech, digitisation, and the future of the financial services sector, with Meniga being a part of its mobile-only banking offer since 2019. Moreover, Crédito Agrícola's extensive network in the Portuguese start-up ecosystem can play an important role in helping Meniga evaluate new diversification opportunities into verticals beyond banks in Portugal and abroad.
On this note, in the summer of 2023, Meniga developed a new strategy which involves simplifying the company's product portfolio, diversifying into verticals beyond banks, targeting new customers in emerging markets across MEA, Latam, and Asia, and creating new operational hubs to drive growth and provide support to customers after the launch of products.
Worldwide, Meniga provides digital banking solutions for over 100 million banking customers across 30 countries in Europe, North America, the Middle East and Asia. Its customers include banks such as UOB, UniCredit, Groupe BPCE, Crédito Agrícola, Swedbank, and Commercial Bank of Dubai.
With a mission to make banking more personal, Meniga enables banks and financial institutions to better engage with their customers by providing data-driven digital banking solutions that improve financial well-being and inspire positive money management.
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