Minna Technologies raises €15.5m Series B funding led by Element Ventures

– SWEDEN, Gothenburg –  Minna Technologies, the subscription management software tool, has raised €15.5m in Series B funding round led by Element Ventures, with support from MiddleGame Ventures, Nineyards Equity, and Visa (NYSE: V), to expand its innovative open banking technology to banks across the world.

The new Series B funding takes the total Minna Technologies has raised so far to over €23m. The funding will allow the company to scale the technology and bring its services to more customers across the world, with requests from all continents.

Founded in Gothenburg, Sweden in 2016, Minna enables customers to manage subscription services via their bank’s app. Instead of spending hours on the phone or going through web pages trying to cancel a subscription, Minna can terminate it at the push of a button. This ensures that no extra money is taken from the account as well as cuts the data ties between the merchant and customer. The platform can also notify customers when a free trial is about to end to prevent them from being charged, and facilitates utilities switching to help customers find better deals.

Through partnerships with European retail banks including Swedbank and ING, Minna has saved more than €40m on behalf of the bank’s retail customers. In addition Minna have now partnered with Lloyds Banking Group. Lloyds Banking Group is extending its in-app journey which enables customers to easily and simply manage their subscriptions in just a few clicks, whenever and wherever they want. Minna’s tech represents the next generation in personal finance. If neo-banks were the first wave, giving customers insights with payment categorisation, then Minna is the next wave providing ways in which customers can improve their financial health by real actions, not just insights.

CEO and co-founder, Joakim Sjöblom 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.”

Michael McFadgen, Partner at Element Ventures, said: “At Element Ventures, we back bold firms that are revolutionising financial services. Joakim and the team at Minna are doing exactly that, by providing banks with the tech they need to manage the millions of subscriptions their customers have, whilst bringing the switching service in-house to provide additional revenue streams. This is a clear example of the liberating services Open Banking promised us and we’re excited to be part of this journey with Minna.”

Pascal Bouvier, Managing Partner, MiddleGame Ventures and Board member Minna Technologies said: “We are delighted to partner and invest in Minna Technologies. We strongly believe in a vision where banks develop their checking account offerings into “connected and intelligent” platforms and where retail clients can interact in many more ways than in the recent past. Minna delivers this future and allows banks to offer a rich subscription management offering for our digital lives.”

About Minna Technologies

Established in 2016, Minna Technologies is an EBA authorised FinTech partner, providing world-leading subscription management solutions to retail banks across Europe. Around 20 million people benefit from Minna’s subscription tech, helping them to save more than €40 million. Backed by Visa and Element Ventures, Minna is passionate about building the next generation of financial products to make people’s lives better.

For more information: https://minnatechnologies.com/

About Element Ventures

Element Ventures is a global venture capital fund investing in B2B financial technology companies. Element’s partners are proud to have backed some of the best founders and companies in the industry. Element’s mission is to back the bold founders who are building tomorrow’s financial technology.

For more information : https://elementventures.vc/

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