Fintech vendor Meniga has closed a €10 million investment round to meet surging demand for its new range of green financial products.
Led by Velocity Capital Fintech Ventures, and Frumtak Ventures, other participants in the round included Industrifonden, the UK Government’s Future Fund, and existing customers UniCredit, Swedbank, Groupe BPCE, and Íslandsbanki.
The funding will be used for continued investment in Meniga’s R&D activities for environmentally-friendly banking products and to grow the firm's sales and service teams.
Earlier this month, Iceland's Íslandsbanki became the first Nordic bank to implement Carbon Insights, Meniga's inaugural green banking product into its digital banking offering, providing users with an estimate of their overall carbon footprint based on their spending profile, broken down into spending categories and time periods.
Georg Ludviksson, CEO & co-founder of Meniga comments: “The new capital will be instrumental in helping us accelerate our expansion into sustainable finance management. We are already working with banks across the world helping them accelerate their green-banking strategies with our Carbon Insight solution. Our Carbon Insight solution is going live with banks in 4 different countries during 1H 2021 and the demand is accelerating.”