Iceland's Islandsbanki has become the third bank in Europe this year to make an investment in personal financial management software house Meniga.
Islandsbanki is paying €3 million for a minority stake in Meniga, bringing the total investment in the company from banks this year to €9.1m.
The Icelandic bank follows Swedbank´s investment in April and a strategic partnership announced with UniCredit in June.
The two Reykjavik-based companies have been working together since 2009 when they jointly launched the PFM suite in the local market. In 2017 they partnered to deploy Meniga’s personalised rewards programme which provides the banks' customers with cashback offers tailored to their individual spending profile.
Birna Einarsdóttir, CEO at Íslandsbanki, says: “By committing investment to the company we are not only deepening our relationship with the team but also investing in the future development of innovation in digital banking and personal financial management solutions.”