Fintech provider Meniga has successfully secured €10 million in funding to address the growing demand for its innovative green financial products.
This investment round was spearheaded by Velocity Capital Fintech Ventures and Frumtak Ventures, with additional contributions from Industrifonden, the UK Government’s Future Fund, and existing clients including UniCredit, Swedbank, Groupe BPCE, and Íslandsbanki.
The capital raised will be allocated towards enhancing Meniga’s research and development efforts focused on eco-friendly banking solutions, as well as expanding its sales and service teams.
Recently, Íslandsbanki became the first bank in the Nordics to integrate Meniga’s Carbon Insights, the company’s initial green banking product, into its digital banking platform. This feature enables users to estimate their carbon footprint based on spending habits, categorizing expenses over different time frames.
CEO and co-founder Georg Ludviksson stated, “This new funding is crucial for accelerating our growth in sustainable finance management. We are already collaborating with banks globally to enhance their green banking initiatives using our Carbon Insights solution. We anticipate launching this product with banking partners in four countries during the first half of 2021, and we are seeing a rapid increase in demand.”