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Meniga has raised $16.5 million (€15 million) in Sequence D funding, bringing its whole raised to $60.5 million (€55 million).
The spherical might be used to gasoline the corporate’s new technique that focuses on creating hyper-personalized insights and enabling funds capabilities that leverage open finance ecosystems for monetary companies firms.
Meniga is pursuing the brand new technique after appointing Raj Soni as new CEO earlier this yr.
Private finance options fintech Meniga has landed $16.5 million (€15 million) in Sequence D funding.
At the moment’s spherical boosts the U.Okay.-based firm’s whole funding to $60.5 million (€55 million). Contributors embrace main European banks, Groupe BPCE and Crédito Agrícola, Omega ehf, and a number of other current shareholders.
Simply as notable because the funding is what the funds might be used for. Meniga plans to make use of the spherical to gasoline the corporate’s new technique that focuses on creating knowledge enrichment and hyper-personalized insights for monetary companies firms. Meniga will even shift to emphasise enabling funds capabilities that leverage open banking and open finance ecosystems for monetary companies corporations.
The brand new technique hatched after the corporate appointed Raj Soni as the brand new CEO earlier this yr. Soni’s purpose to simplify Meniga’s product portfolio, diversify into verticals past banks, goal new clients in rising markets, and create new operational hubs to drive progress and supply buyer assist.
“We’re wanting ahead to seeing [Meniga’s] continued give attention to enrichment in addition to customized insights,” stated Groupe BPCE Chief Digital Officer Emmanuel Puga Pereira. “These capabilities are crucial for all BPCE banks to successfully interact with their finish customers and we’ve seen firsthand how Meniga’s answer is a key part for banks to succeed.”
Meniga notes that a part of at this time’s funding will even be used for clearing the corporate’s debt, which can make Meniga virtually debt-free.
Based in 2009, Meniga empowers digital banking experiences for 10 million finish customers and serves greater than 100 million banking clients throughout 30 international locations in Europe, North America, the Center East and Asia. Among the many firm’s shoppers are UOB, UniCredit, Groupe BPCE, Crédito Agrícola, Swedbank, and Business Financial institution of Dubai.
Meniga is amongst many fintechs and monetary companies corporations which might be shifting their focus to function within the new open finance financial system, the place accessibility, data-driven insights, and customized experiences reign supreme. Meniga’s strategic pivot underscores the industry-wide recognition that open banking and open finance will remodel monetary companies for the higher. It additionally units a precedent for customer-centric developments going ahead into 2024.
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