Swedish subscription management software tool Minna Technologies raised € 15.5 million in Series B funding on 14 January 2021. The total funds raised by the startup stands at €23 million.
The funding round was led by Element Ventures, with participation from MiddleGame Ventures, Nineyards Equity and Visa.
The funds will be utilized by the company to expand its innovative open banking technology to banks across the world.
About Minna Technologies
Founded in 2016 by Joakim Sjöblom, Jonas Karles and Marcus Lönnberg, Minna Technologies is enabling customers to manage their subscription services via their bank’s app. Minna can terminate their subscription by the push of a button, therefore ensuring that no extra money is deducted from the customer’s account. It also notifies the customers when their free trial is about to end and prevents them from being charged. Minna’s technology aims to reduce the burden on banking call centres. This is possible because of its integration with Visa. The company is headquartered in Gothenburg, Sweden.
Minna has partnered with European retail banks including Swedbank and ING. It claims to have saved more than €40 million on behalf of the bank’s retail customers. Minna Technologies represents the next generation in personal finance, helping customers to improve their financial health. With the growth in the ‘subscription economy’, the demand for Minna’s product has also risen. According to the Minna, the subscription sector has experienced a 350% increase since 2012 as a result of increased online streaming, entertainment platforms, shopping platforms and app services.
Joakim Sjöblom, CEO and co-founder of Minna Technologies, said: “Over the past four years the subscription economy has exploded from Spotify and Netflix to even iPhones and cars. It’s becoming increasingly difficult for consumers to keep track of the payments and harder for banks to handle inquiries to shut them down. Minna’s tech improves the procedure for banks by simplifying the process, as well as providing an in-demand digital product that consumers are starting to expect from their financial institutions. This new funding will help us take Minna across the globe to reach more banks and customers than before, and we look forward to working with Element Ventures to achieve our next period of growth.”
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