Innovation, Startups and Venture Capital in Iceland

Meniga closes a $11.8m investment round led by Velocity Capital and Frumtak Ventures

Georg Lúðvíksson, CEO and co-founder of Meniga

Meniga has closed a $11.8m (€10m) strategic investment round led by institutional investors, Velocity Capital Fintech Ventures, and Frumtak Ventures. Other participants in the round include Industrifonden, the UK Government’s Future Fund, and existing customers UniCredit, Swedbank, Groupe BPCE, and Íslandsbanki.

The company says the funding will be used for continued investment in Meniga’s R&D activities, in particular the development of innovative green banking products. In addition, the new injection of investment is said to help strengthen Meniga’s sales and service teams to meet growing demand and changing dynamics in the global digital banking market.

Íslandsbanki recently became the first Nordic bank to implement Meniga’s new Carbon Insight solution into its own digital banking offering. Meniga says the innovation is currently garnering “significant attention” from banks and others in the industry.

The solution leverages personal finance data to help mobile banking app users track and reduce their carbon footprint.

According to Georg Ludviksson, CEO & co-founder of Meniga, the Carbon Insight solution is going live in with banks in 4 different countries in the first half of 2021.

Overall Meniga says it has experienced a significant increase in the demand for its products and services over the past year, in the wake of the Covid-19 pandemic.

“We are extremely pleased with the continued backing from our investors and strategic customers. The new capital will be instrumental in helping us accelerate our expansion into sustainable finance management,” comments Ludviksson in a press release from Meniga.

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