Sweden: The subscription management software tool Minna Technologies has raised €15.5 million in Series B fundraising led by Element Ventures, with support from MiddleGame Ventures, Nineyards Equity, and Visa, to expand its innovative open banking technology to banks across the world.
Founded in 2016 in Gothenburg, Sweden, 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.
The new Series B funding takes the total Minna Technologies has raised so far to over €23 million. 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.
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.”