Tangerine sweetens up with Meniga’s PFM tech
Tangerine, a direct bank in Canada, has partnered with Meniga, a personal finance management (PFM) solutions provider. This is Meniga’s first known client in Canada.
Georg Ludviksson, CEO and co-founder of Meniga describes the deal as “a key milestone” for the vendor’s global expansion ambition and “a strategic foothold” in North America.
Tangerine has over two million clients, close to CA$38 billion ($29.4 billion) in assets and over 1,000 employees. Its presence extends beyond digital to its café and pop-up locations, kiosks and 24×7 contact centres. The bank was launched in 1997 as ING Direct; in 2012 it was acquired by Scotiabank and rebranded as Tangerine.
The bank set out to revamp its digital client experience in 2016. It hopes that Meniga’s technology will offer its customers a clearer view of their finances through more accurate categorisation of their transactions and a more customised banking experience – consistent across the bank’s internet and mobile channels.
The first phase of the roll-out includes Meniga’s transaction enrichment tools, data-driven personalised insights and reports.
Tangerine and Meniga are working on a number of PFM-related innovations based on the latter’s solutions, including programmable banking interface to combine third-party data with the savings experience.
Earlier this summer, UniCredit invested €3.1 million in Meniga.