Meniga, an Iceland-founded company that offers digital and marketing products for banks, has acquired Stockholm-based rewards platform Wrapp. The two companies have been offering a similar product, that is transaction-driven rewards, in Iceland (Meniga) and Sweden and Finland (Wrapp) but will now merge the offering under the Meniga brand.

The amount Meniga has paid for Wrapp is not disclosed but the current shareholders of the startup, including the Nordea bank, will be paid in Meniga stock. Aage Reerslev, CEO of Wrapp, will 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,” said Georg Ludviksson, CEO of Meniga. “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 before others beat them to building scale in this space.”

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