Meniga, the global provider of digital banking solutions, has signed a new partnership agreement with Nordea, one of the largest financial services groups in the Nordics, to continue the integration of its market-leading cashback rewards platform within Nordea’s mobile banking app in Sweden.
According to the agreement, Nordea will continue to offer personalized cashback rewards, which are tailored to individual spending profiles, to its customers in Sweden.
Through the multi-bank platform, banks can seamlessly integrate – via Meniga’s cloud-based API – cashback rewards directly into their mobile banking applications, and provide their customers with various personalized, cashback rewards and discounts from some of their favorite retail brands. The platform offers merchants a way of attracting new customers and a more cost-efficient marketing tool. Fundamentally, this helps create a mutually beneficial ecosystem between banks, merchants and consumers.
As the largest of its kind in the Nordic region, Meniga’s cashback rewards platform has already been used by 650,000 end-users across Sweden, Finland and Iceland. Nordea is one of three Nordic financial institutions currently live on Meniga’s cashback rewards platform, connecting to over 250 retail partners.
Cashback rewards are amongst the fastest-growing performance marketing channels across the globe – with more than 100 million active cashback rewards users in the US alone and cashback transactions growing more than 100% per annum according to the CardLinx Association. As cashback rewards continue to grow around the world, Meniga has experienced a notable increased interest from banks, financial institutions and other fintechs willing to collaborate and participate in the multi-bank, cross-border rewards platform.
Georg Ludviksson, CEO & co-founder of Meniga, comments: “We’re delighted to have renewed our contract with Nordea Sweden. At a time when neo-banks and fintechs alike are increasingly launching their own cashback rewards platforms, it has never been more important for banks to follow suit if they wish to stay relevant and compete in this new financial landscape. Our rewards service presents a perfect illustration of how financial institutions can take advantage of the opportunities provided by open banking, in order to open up their digital channels, extract value from their users’ financial data and create a mutually beneficial ecosystem with their customers and other industry or non-industry players.”
Gunter Saurwein, Managing Director of Meniga Sweden AB, comments: “Having Nordea Sweden’s continued trust and backing is a testament to how seamlessly our cashback rewards platform has integrated into Nordea’s digital properties, and how well it has been received by consumers and merchants right across Sweden. We’re excited to further collaborate and work closely with Nordea on continually improving our rewards platform, as we look to grow and expand the product to the Nordics, Europe and beyond.“