Financial technology company Meniga hf. acquired Swedish rewards platform Wrapp for an undisclosed amount.
Meniga paid newly issued shares to Wrapp shareholders, including Nordea Bank Abp, the company said Jan. 10. As a result of the transaction, they will become Meniga shareholders, alongside Swedbank AB (publ), UniCredit SpA and Íslandsbanki hf.
Wrapp shareholders will obtain up to 25% of Meniga, depending on success metrics in the coming years, according to Reuters. Meniga co-founder and CEO Georg Ludviksson also told the newswire that the deal is expected to add to his company "just over €3 million in annual recurring revenues from rewards with substantial near-term growth potential in the Nordic region."
Meniga's office in Stockholm is absorbing the Wrapp team, with Wrapp CEO Aage Reerslev becoming Meniga's new vice president of rewards.
Meniga has 150 employees, with offices in London, Reykjavik, Stockholm and Warsaw. Wrapp is operational in Sweden and Finland.