News

Minna Technologies, a subscription management tool for banking customers, raises $18.8M

Minna Technologies, a subscription management tool for banking customers, raises $18.8M
Technology
It’s now raised $18.8 million (€15.5m / £14m) in Series B fundraising from Element Ventures, MiddleGame Ventures, Nineyards Equity and Visa, to expand its open banking technology to banks globally.

Founded in Gothenburg, Sweden in 2016, Minna enables customers to manage subscription services via their existing bank’s app. Using Minna, customers can terminate subscriptions just from their banking app, automatically, cutting the data and financial ties between the merchant and customer. The platform can also notify customers when a free trial is about to end and facilitates utilities switching allowing them to find better deals. So far, Minna has partnerships with Lloyds Banking Group, Swedbank and ING.

Minna’s technology reduces the burden on a bank’s call centers, plus banks can also benefit financially from Minna’s role in facilitating utility switching, raising the prospect of banks becoming marketplaces.

The appearance of Minna suggests that the first wave of neo-banks is about to be accompanied by a second wave of overlayed services such as this. The average European is spending £301 (€333) a month on 11 subscriptions, which is predicted to increase to £459 (€508) a month on 17 subscriptions by 2025. IDC predicts that by 2050, 50% of the world’s largest enterprises will focus the majority of their businesses on digitally enhanced products, services, and experiences. Subscriptions are even coming from car makers such as Volvo.

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.”

Sjöblom told me that by largely working with incumbent banks, Minna is providing them with a way to fight back against challenger banks.

Pascal Bouvier, Managing Partner, MiddleGame Ventures said: “We strongly believe in a vision where banks develop their checking account offerings into “connected and intelligent” platforms and where retail clients are able to interact in many more ways than in the recent past.”
Read more on TechCrunch
News Topics :
RELATED STORIES :
Business
Upstarts in the financial sector say the data driven concept of “open banking” could inject a healthy dose of competition into Canada’s highly concentrated financial services industry — but it may...
Business
The Big Six banks probably do not need much in the way of protection. They are among the country’s most profitable companies and, judging by their expansion into the United...
Business
Canada is making a big leap in modernizing identity verification, tapping blockchain technology to let consumers digitally prove who they are to securely access banking and other personal services. SecureKey...
Business
There’s a company in Toronto that has built programs to help new immigrants, keep track of car maintenance and tell homeowners what day to haul their trash to the curb....
Business
NEW YORK CITY The Liberal victory in Ontario means that taxpayers have handed over governance of the province to the ratings agencies and their lender clients. That s the...