Meniga, an Iceland and London based pioneer in Personal Finance Management solutions announced that it has raised €15 million in Series D funding. The new investment round included major European banks, Groupe BPCE and Crédito AgrÃcola, and the leading Icelandic VC group, Omega ehf, with participation from several existing shareholders. Total funding in Meniga to date amounts to €55 million. 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 Meniga’s new strategy, focusing on further developing its core capabilities around Data Enrichment and…
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Nordic challenger bank Lunar is joining forces with TrueLayer, one of Europe’s leading open banking payments network, to redefine the payments landscape across Denmark, Sweden and Norway. This collaboration will enhance TrueLayer’s instant payment capabilities in the Nordics through seamless integration with Lunar’s payment infrastructure. Lunar opened its Nordic payment infrastructure to partners in June 2023. By partnering with Lunar, TrueLayer will be able to access domestic payments across three markets in the Nordics, providing payment coverage across Denmark, Sweden and Norway. TrueLayer becomes the inaugural major partner to leverage Lunar’s Banking Services. “In many ways the Nordics is a difficult…
Finland based Enfuce has secured an €8.5 million follow-on investment round led by Vitruvian Partners, with participation from Visa and Maki.vc. This funding, following Enfuce’s successful €45 million Series C round in 2021 and brings Enfuce funding to a total of €62m to date. Founded in 2016, Enfuce has grown to be an important player in the payments sector. Having been one of the first to bring payment processing to the public cloud, Enfuce is the partner of choice for innovative payments solutions for the likes of Pleo, OKQ8 and Memo Bank. As a global card issuer and payment processor…
Iceland’s largest bank Landsbankinn announced it is leading the way in Open Banking innovation by becoming the first bank in Iceland to offer its customers Payment Initiation Services (PIS) and Aggregation Services (AIS). The solution is powered by Meniga, a leading provider of digital banking solutions, paving the way for unique customer experiences and changing the way users can interact with their bank. This new solution will have a significant impact on the financial services landscape in the region. Landsbankinn’s Aggregation Service allows its customers to access a view of their accounts across other major banks in Iceland, seamlessly within…
Nexi has entered into an agreement with French IN Groupe which is to take over its eID business. This acquisition is in line with the strategy of both groups: to reinforce IN Groupe’s role as European leader in digital identity, and further strengthen the position of Nexi as the leading European PayTech. Nexi has entered into an agreement with IN Groupe, a specialist in identity and secure digital services, who will take over the ownership of the eID business. IN Groupe is a global specialist in identity and trust solutions providing comprehensive solutions that address a broad variety of digital…
Jifiti, a global white-labeled embedded lending provider, today announced that it has been granted an Electronic Money Institution (EMI) license in Europe, following the Swedish regulator’s rigorous review and qualification process. As a white-labeled solution provider to banks, regulated lenders and financial service providers globally, Jifiti strictly adheres to multinational regulatory and security standards. The EMI license serves as comprehensive validation of the company’s robust compliance and regulatory standards, which also include PCI/DSS, SOC 2 and ISO 27001 certifications. With its EMI license, Jifiti is able to serve the growing needs of its bank, lender, financial services and merchant clients…
In Sweden, fintech companies are finding it more difficult to secure funding, noting that investors have adopted a more cautious approach amid economic uncertainties, geopolitical turmoil and soaring inflation. But despite the challenging venture funding landscape, fintech entrepreneurs remain confident in the sector’s prospects and are expecting growth in the year to come, a new report by industry trade group, the Swedish Fintech Association (SweFintech), says. The report, titled the 2023 Fintech Report: From Growth to Profitability, provides an overview of the Swedish fintech industry, describing how the industry developed in 2022 and exploring the various challenges encountered by Swedish…
The competition for savings accounts is intensifying in Finland. Saldo Bank, a neo-bank with a Finnish background, brings term deposits and digital loan services to the consumer market. The Finnish deposit market gets more competition as fintech company Saldo Bank opens banking operations in Finland at the beginning of October. The first banking product launched by the company is a traditional term deposit account, with the highest interest rate on the market. Saldo Bank offers up to 4.00% interest for a 24-month deposit, which is about 0.5% higher than the second best offer. “Until now, Finns have lost their wealth…
Brite Payments announced a $60 million funding round led by specialist B2B software investor Dawn Capital and joined by Headline and existing investor Incore. Brite leverages open banking to offer businesses easy-to-integrate, instant account-to-account (A2A) payments and payouts. The fundraise follows a breakout year for Brite. The Stockholm-based company was founded by experienced payments exec Lena Hackelöer in 2019. During 2022, Brite more than doubled its transaction volume and revenue, and reached profitability. Today, its offering is available in 25 countries across Europe through connections with 3,800 banks, touching more than 350 million end consumers. Brite will use the fresh…
Placera Media is investing in Stockholm based Social Trading platform StockRepublic, Placera Media operates the financial news site Placera and the magazine Börsveckan. Avanza Bank Holdning AB owns Placera Media, but its content and editorial operations are independent from Avanza. Placera Media is now investing SEK 15 million in StockRepublic, which among other things has built the new and relaunched Placera Forum. The investment corresponds to 10 per cent of the shares in StockRepublic and links the company closer to Placera. “StockRepublic has posted impressive performance, both in Sweden and internationally. Placera today has Sweden’s largest stock forum with Placera…
Mitigram, the leading digital platform in global trade financing, today announces it has secured an additional $11m from its latest funding round, bringing the total amount raised to $38m. In 2014, Mitigram launched a digital exchange in global trade financing. Its advanced and interoperable digital platform is designed for corporations and financial institutions to price check and execute risk cover and financing transactions in cross-border trade. Current clients include Louis Dreyfus Company, Bridgestone, Vale, Ericsson, ArcelorMittal, Trafigura, Siemens Healthineers and over 150 banks. The investment will enable Mitigram to move into its next phase of growth, executing its product roadmap,…
Verified, a provider of Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance solutions, announced the acquisition of Pliance, a regtech startup specialising in automated financial crime compliance. Pliance’s platform uses API-led advanced automation to streamline the compliance process, reducing the burden on businesses and increasing their ability to detect and prevent financial crime. By integrating Pliance’s advanced technology and expertise, Verified will be able to offer an even more comprehensive suite of KYC and AML solutions. Verified said that its acquisition of Pliance will significantly strengthen its position in the European market, as it continues to expand and diversify…
Nordea completed the acquisition of Swedish digital pension broker platform Advinans, following receipt of the regulatory approvals. The acquisition strengthens Nordea’s life and pension offering in Sweden and accelerates the bank’s strategic ambitions within savings. The acquisition of Advinans fits well with Nordea’s strategic plan to grow in profitable business segments and extend its digital offering to corporate customers in Sweden. It will also increase Nordea’s exposure to the Swedish pension segment. Going forward, Advinans will be integrated into Nordea and operated under the Nordea brand. “We are very pleased to finalise the acquisition and welcome our new colleagues and…
Swedish regtech company Trapets has acquired Regtech Solutions, a software company offering Know Your Customer (KYC) and screening services solutions to comply with Anti-Money Laundry (AML) regulations. The acquisition will strengthen Trapets’ position in the Nordic regulatory technology market. Combining the two companies’ offerings, customers can benefit from innovative KYC and AML solutions to prevent and detect financial crime activities. The acquisition of Regtech Solution goes hand in hand with Trapet’s strategy to expand outside of its core customer segment, financial services. Regtech Solutions will fully integrate into Trapets’ organisation, operations, and service offerings. “We at Trapets are very excited…
Swedish climate technology startup Doconomy has partnered with cloud banking platform Mambu to support financial institutions globally in taking climate action with accurate, easy-to-understand environmental impact data. Doconomy, a provider of carbon impact calculations, has developed digital tools, including an API-based engagement service, to assist individuals and corporations in measuring and engaging with their COâ‚‚e footprint data. In collaboration with Mambu, Doconomy will empower joint customers to determine the carbon footprint of their financial transactions with the potential to decrease it too. According to Mambu, this partnership marks its first climate tech collaboration to be featured on its partner ecosystem. “This…
Swedish open banking startup Kreditz has received funding from Ingka Investments, the VC arm of Ingka Group which operates IKEA retail stores, as well as Creades. The investment is part of Kreditz’s latest funding round with investors contributing to a total of €10 million of equity capital. The latest funding round will be used to accelerate Kreditz’s growth and expansion into new markets. Founded in 2018, Kreditz helps banks and other financial institutions to analyse bank transaction data and get a comprehensive view of applicants’ profiles based on Open Banking and PSD2 data. Peter van der Poel, Managing Director at Ingka…
Stockholm based Intergiro, a Banking as a Service (BaaS) platform, has partnered with Sweden’s financial service provider Incharge to launch a new banking app designed to make financial services easier and more accessible for students in Europe. The Incharge app is free of charge and will offer students the convenience of managing their finances from their smartphones. Students can effortlessly open an account through the app, eliminating the need for paperwork and long wait times — all that is required is a passport or national ID card. The user-friendly mobile banking app delivers a range of financial services, including current…
Norwegian B2B payment solutions provider Two announced that it has secured €18 million in a Series A funding round, bringing its total funds raised to €28 million. The funding round was led by Shine Capital and Antler with participation from Sequoia Capital, Day One Ventures, Alumni Ventures, LocalGlobe, The Visionaries Club, Alliance VC and more. Merchants can start selling immediately through Two’s portal through two methods. They can either integrate via a simple open API or choose from a selection of off-the-shelf plugins built for e-commerce platforms such as Magento, Optimizely, WooCommerce, Spense, and 24Nettbutikk. Two will also launch with…
Payment giant Mastercard has acquired Swedish cloud-based cybersecurity company Baffin Bay Networks to add to its multi-layered approach to cybersecurity. The acquisition further strengthens Mastercard’s broader services offerings and value beyond the payment transaction. Baffin Bay Networks’ uses the latest in AI technology to automatically filter and counteract malicious internet traffic. Mastercard said the firm has a proven track record of mitigating or preventing costly and potentially catastrophic breach cyber events. Mastercard will integrate its solutions into a single cyber service available to all its customers across the world. Its existing RiskRecon data analytics enables organisations to identify vulnerabilities in…
Zimpler, a Swedish fintech company providing seamless and secure account-to-account payments, announced the appointment of Stefan Andersson as its Chief Product Officer. He will take on the role starting 20 March 2023. In the newly created role, Andersson will lead Zimpler’s product roadmap and will focus on driving the expansion agenda, which includes expanding geographical coverage in Europe and establishing the product in Latin America. He will also further innovation within the company’s product and features to cater for the growing demand for more efficient payments across multiple segments such as financial services and e-commerce. He will become a part…