Subscription management company Minna Technologies plans to widen access to its open banking technology after securing €15.5 million in series B funding.
The series B round was led by Element Ventures, with support from MiddleGame Ventures, Nineyards Equity and Visa.
Founded in Gothenburg, Sweden in 2016, Minna enables customers to manage subscription services via their bank’s app using open banking technology.
Through partnerships with European retail banks including Swedbank and ING, Minna says it has saved more than €40 million on behalf of their retail customers.
Minna has also recently partnered with Lloyds Banking Group.
The Swedish fintech company says demand for its product has escalated as a result of the growth in the subscription economy, which has increased more than 350% since 2012 thanks to the rise of online streaming, entertainment platforms, on-demand shopping platforms and app services.
Managing those subscriptions can be time-consuming for consumers and costly for banks.
Minna’s technology reduces the burden on a bank’s call centres when it comes to dealing with customer inquiries thanks to its integration with Visa, which means it can stop payments from cards.
Banks can also benefit from Minna’s role in facilitating utility switching, providing them with an additional source of revenue.
A tool such as Minna’s also sets the stage for banks to develop their digital banking offering into a marketplace. Hosting different products and services within one ecosystem is one way to encourage customers to engage more with their bank.
The new Series B funding takes the total Minna Technologies has raised so far to more than €23 million. The funding will allow the company to scale its technology and bring its services to more customers across the world.
Joakim Sjöblom, chief executive officer and co-founder of Minna, says: “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, adds: “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.”