Meniga wraps around consumer rewards with Wrapp acquisition
Meniga, an Icelandic provider of digital banking tech, has acquired Stockholm-based rewards platform, Wrapp.
Financial details were not disclosed. Meniga retains a team in Reykjavík, as well as operational bases in London, Warsaw, Stockholm (the office in the Swedish capital absorbing the Wrapp team) and Helsinki.
The Icelandic firm’s rewards tech will now merge its respective technology and teams into one with Wrapp’s, streamlining its solution under the Meniga banner, operating from Stockholm.
Aage Reerslev moves from CEO of Wrapp to become Meniga’s new VP of Rewards.
“The attitudes of consumers towards the use of their personal data is changing. Custodians of personal data are expected to use data to deliver personalisation and value in a respectful and transparent manner. We believe that banks are in a unique position right now to deliver a compelling proposition to their customers while carving out a meaningful share of the digital advertising market. But banks need to act fast,” explains Georg Ludviksson, CEO and co-founder of Meniga.
Current Wrapp shareholders, including Nordea, are paid with newly-issued Meniga shares and will, through this transaction, become shareholders in Meniga alongside Swedbank, UniCredit, and Íslandsbanki.
Live network partners include Danske Bank, Nordea, Íslandsbanki, Länsförsäkringar, Collector, Sodexo and Aktia Bank.
Meniga says any merchant can compete for consumer attention through its self-service interface similar to Google and Facebook Ads, with personalised offers and recommendations, overall improving digital engagement.
If you want to know more about Meniga, check out our coverage of their event late last year.