Multiple-time Finovate Best of Show winner Meniga is starting off 2019 with an acquisition: purchasing Swedish rewards platform Wrapp for an undisclosed sum. Meniga CEO and co-founder Georg Ludviksson told Reuters that the acquisition would contributed directly to the company’s top line, “adding just over €3 million in annual recurring revenues from rewards,” as well as providing growth opportunities for Meniga in the Nordic region.
Both companies are active in the transaction-driven rewards space – Meniga in Iceland, Wrapp in Sweden and Finland. Together, they will offer a singular solution under the Meniga brand, and operate out of Stockholm, Sweden. Wrapp CEO Aage Reerslev will become Meniga’s VP of Rewards.
“We believe the merger brings us to a tipping point given the strong commitment we have from existing platform partners,” Reerslev said. “This is the right time to invest in transaction-driven marketing technology and create a more intelligent user-centric service which basically helps people buy better and smarter, not more.” Reerslev called it “a new standard for rewarding people and digitally bringing consumer brands closer to their customers – powered and distributed by the banks.”
Founded in 2011, Wrapp raised more than $36 million in funding from investors including Greylock Partners, Qualcomm Ventures, and Atomico. The transaction-driven marketing specialist has been live with six bank partners and has provided rewards and cashbacks for more than 350 brands.
Meniga most recently demonstrated its technology on the Finovate stage at FinovateFall 2018, winning Best of Show honors. During a busy fall season, the company announced a partnership with Singapore’s United Overseas Bank to provide data enrichment and categorization tools for the company’s recently-launched digital bank. Meniga also raised $3.4 million in funding last fall, courtesy of an investment from Íslandbanki, the company’s initial and longest-standing financial backer. The November financing was the second capital infusion for the company in 2018, having picked up $3.6 million in new funding from UniCredit in June.
Meniga has enriched more than 30 billion transactions for 65 million consumers in 30 countries on four continents. The firm processes 34 million transactions a day. The company was founded in 2009.