Reykjavik based personal finance software provider Meniga has raised €7.3m in venture funding led by Frumtak Ventures and Velocity Capital Private Equity. Meniga provides their products to European banks and financial institutions.
“For the past seven years we have focused on honing our digital banking products,” said Georg Lúðvíksson, co-founder and CEO of Meniga. “In addition to supporting banks in helping their customers better understand and manage their finances, we can further help banks engage with merchants and be compliant with upcoming regulations, such as PSD2.” Meniga has become known for its white-label personal finance management solutions, that they integrate with the online banks of their customers. Last year news broke of a deal with Europe’s leading bank, Santander. In addition to PFM software, the company has been developing solutions that leverage the massive amounts of data they have access to. In what the company calls “Card-Linked Offers and Consumer Spending Analytics platform” they offer analysis of consumer trends, and give merchants the ability to target people based on their consumption behavior.