Íslandsbanki is the third bank to have invested in Meniga this year. The Icelandic bank follows Swedbank´s investment in April and the strategic partnership announced with UniCredit in June. Meniga will use the proceeds from the Íslandsbanki investment to enhance product research and development.

Meniga announced the investment at its Fin42 customer conference in Reykjavik. The conference brings together industry leaders in banking and fintech who are discussing the future of bank-fintech collaboration to improve customer service.

Georg Ludviksson, CEO and co-founder of Meniga, said: “Meniga is committed to supporting banks in their digital banking journey and this investment is another exciting chapter in our long-running partnership with Íslandsbanki. The banking landscape is evolving faster than ever and is driven by new competitors, regulatory changes and rising customer expectations. Therefore, it is vital for banks and fintech companies to work even closer together to thrive in the new digital ecosystem.”

Birna Einarsdóttir, CEO at Íslandsbanki: 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.”

Íslandsbanki and Meniga have worked closely together since launching the first Personal Finance Management solution in Europe in 2009. In 2017 they partnered to deploy a Meniga’s personalised reward program which provides the banks’ customers with cashback offers tailored to their individual spending profile.