Fintech Friday: Meniga – creating the digital standard for banks across the world
Georg Ludviksson, CEO & co-founder of Meniga, chatted with Efma’s Boris Plantier about the ways his company is partnering with global banks to create personalized services, drive engagement, and tackle climate change.
What led to the creation of Meniga?
Meniga was founded in Iceland in 2009 off the back of the last financial crash, at a time when people were losing their income, worrying about their savings, and experiencing a substantial drop in purchasing power. We noticed how people were in desperate need of help with their finances, and realized the significant opportunity and favorable environment this created to start our own personal finance management company. So right from the very start, our driving mission was to enable people to lead better financial lives and it quickly became evident that the most impactful way of achieving this mission on a large scale was by partnering directly with banks and developing tools and products that could help their customers and their finances.
Having set up Meniga in the wake of an economic crisis, we found ourselves in a really unique position where suddenly, an incredible talent pool had become readily available to us, and we were able to get some really skilled people onboard from the start. To add to that, since Iceland was one of the countries hardest hit by the crisis, with recapitalized banks under major pressure from households and businesses demanding support to rebuild their finances, we were able to acquire our first customers really early on, which allowed us to get our company off the ground at an incredible pace.
Today, our roots and origins in the last financial crash is what makes us truly unique and what enables us to be such great partners to our banks, particularly in these current turbulent times, in helping them navigate periods of downturn and provide the best support possible for their customers.
Could you present Meniga's offer?
Meniga is a fintech which develops digital banking tools, apps and solutions for some of the world’s largest financial institutions, helping them drive customer engagement, increase loyalty, and crucially, exceed the value proposition of their competitors.
Our digital banking tools are designed for banks to better leverage data in order to personalize their digital channels and deliver engaging and interactive solutions that their customers love. Meniga’s vast product offering covers data aggregation technologies, personal and business finance management solutions, transaction-based carbon insights, personalized cashback rewards and consumer data analytics, which offers a way for banks to boost customer engagement and generate additional revenue streams.
Something that makes Meniga really stand out is our global reach. With offices in London, Reykjavik, Stockholm, Barcelona, Warsaw, Singapore, and New York, customers across 30 different countries and reaching over 90 million end-consumers, we have a great understanding of the various needs of different markets. There is nothing we haven’t seen over the years and we have learned what works best where, how and for whom. Today, we have created the digital standard for banks across all corners of the world, with our banking partners now proudly leading the way when it comes to personalized services and customer engagement.
What's coming next for Meniga?
Fortunately for us, and like many other fintech players, we have emerged relatively unscathed from the pandemic. In fact, with the widespread acceleration of digital banking adoption last year, we have actually seen a significant increase in the demand for our products and services over the past year, making 2020 one of the busiest years we have ever had. Besides closing an 8.5M EUR funding round, we also successfully launched 18 digital banking solutions across 17 countries, which is more than twice as many launches as we have ever had in any one year!
There’s no doubt that 2020 will be a hard year to beat, but I can say with enough certainty that the demand for our services will not go away any time soon, and the growth of digital banking adoption is far from slowing down. Our priorities this year will remain largely the same as last year, in continuing to support our customers, both existing and new, and provide the best possible tools and services for people to manage their finances during the turbulent times brought about by Covid-19. We also have a vast array of really exciting partnerships and new innovations in the pipeline, which we can’t wait to unveil in 2021.
One particular innovation that is currently garnering a lot of attention from banks and other key players in the industry is our new green banking solution ‘Carbon Insight’. The solution integrates into a bank’s own digital properties, and allows mobile banking app users to track their carbon footprint, based on individual transaction data, while enabling banks to create news dimensions of customer engagement and a more robust environmental, social, and governance (ESG) strategy.
As worldwide anxiety around climate change continues to grow, we have experienced a significant increase in the demand of the Carbon Insight product, which is an encouraging sign that banks and the broader financial industry are strongly committed to the fight against climate change.