Groupe BPCE and Crédito Agrícola have joined a €15 million Series D funding round in personal financial management provider Meniga.
Icelandic VC group, Omega ehf, joined the round along with participation from several existing shareholders. Total funding in Meniga to date amounts to €55 million.
The company currently serves over 100 million banking customers across 30 countries in Europe, North America, the Middle East and Asia, including the likes of UOB, UniCredit, Groupe BPCE, Crédito Agrícola, Swedbank, and Commercial Bank of Dubai.
Emmanuel Puga Pereira, chief digital officer at Groupe BPCE, comments: "We are excited to continue our partnership with Meniga, which currently empowers the digital banking experience for our over 10 million users, and provides more than 100 million insights for our users every year.”
Part of the capital injection will be used towards clearing existing debt, rendering Meniga almost debt-free. The funding will also be invested in the roll-out of the firm's new straegic focus, aimed at simplifying its product portfolio and diversifying into new vertical markets beyond banking.
The firm is expecting to get a helping hand in this regard from its investor base.
Sergio Raposo Frade, executive board member at Crédito Agrícola, comments: “With Crédito Agrícola's extensive network in the Portuguese start-up ecosystem we can play an instrumental role in helping Meniga evaluate new diversification opportunities into verticals beyond banks in Portugal and abroad.”