Minna Technologies raises €15.5mn in Series B round joined by Visa

By Megha Bhattacharya

Minna Technologies, the Swedish subscription management software provider, today has secured €15.5 million in a Series B funding round led by Element Ventures along with the participation of Visa, MiddleGame Ventures, and Nineyards Equity. The recent funding round takes the total amount raised to around €23 million. The new funding is expected to help the company to expand its open banking technology globally.

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.”

Recently, Lloyds Bank reported the addition of a new subscription management service to its mobile banking app, in partnership with Minna Technologies and Visa. The update is expected to allow customers to view, manage, or amend subscription services. This development follows after Lloyds Bank stated that over 2.2 million consumers have signed up for new subscription services since the beginning of the COVID-19 lockdown.

Minna Technologies, founded in 2016 in Sweden, enables customers to manage subscription services via their bank’s app. It aims to reduce the burden on bank call centers with its integration with Visa, by stopping payments from cards. The platform also notifies 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.