Swedbank invests EUR3 million in Meniga

Swedbank has invested EUR3 million in personal finance and data aggregation platform Meniga, as it begins the roll out of the firm’s technology to customers in Sweden and the Baltic countries.

Meniga, founded in Iceland in 2009, helps banks in 18 markets, including Santander, Intesa, ING Direct, Commerzbank and mBank, make sense of their customers’ data to offer more compelling online and mobile banking products.

The firm says Swedbank is one of a clutch of current customers taking equity in the company. The new financing comes a year after Meniga raised EUR7.5 million in a round led by Nordic venture capital investor Industrifonden.

Swedbank struck a deal to use the technology in 2017 and is currently in the first phase of implementation.

“We know our customers want us to be proactive with relevant offers and services to make their everyday life easier, and we know that more and more of our customers prefer to meet us digitally,” says Lotta Loven, head of digital bank at Swedbank. “We see Meniga as an innovation partner to give our customers a digital experience that includes a better overview and insights of all their finances both from Swedbank and external parties.”