Industrifonden banks on Meniga

The digital banking and marketing technology company Meniga plans to fund its R&D and sales teams thanks to an $8m funding round.

Industrifonden, the investment arm of the government of Sweden, has led a €7.5m ($8m) funding round in UK-based big data banking software developer Meniga.

Financial tech investor Velocity Capital,VC firm Frumtak Ventures and investment firm Kjölfesta returned for the round.

Founded in 2009, Meniga develops digital banking technology, helping to transform raw transactional information into valuable customer data. This data can be utilised by banks for personalisation of the customer experience and marketing.

The funding will go towards Meniga’s R&D activities and the sales team will be expanded to meet demand. Sofia Holm, investment manager, technology, at Industrifonden will join Meniga’s board of directors.

Meniga previously announced €7.3m in a round co-led by Velocity Capital and Frumtak Ventures, which was revealed in August 2016 but secured in February that same year.

Kjölfesta led a $6.5m in series A funding in 2013, with participation from Frumtak, which had previously injected an undisclosed amount in seed capital in 2010

Holm said: “Meniga is already working with many of the world’s leading banks and has built a strong reputation as an innovation leader in digital banking at a time when many banks are forced to re-think their digital strategies.

“We are particularly excited about the opportunities in data-driven digital banking and proud to support the exceptional Meniga team.”

See more from this Government Report: Sweden

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