Swedish Minna Technologies Bags €15.5 Million in Funding Round Joined by Visa

Swedish fintech startup Minna Technologies has raised €15.5 million (£14 million) during a Series B fundraising led by Element Ventures with support from MiddleGame Ventures, Nineyards Equity and Visa, to help retail banks enable their subscription management offering.

The new Series B funding takes the total Minna Technologies has raised so far to over €23 million (£20.8 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.

Founded in 2016, Minna enables customers to manage subscription services via their bank’s app. 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.

Minna’s technology reduces the burden on a bank’s call centers when it comes to dealing with customer inquiries thanks to its integration with Visa which means it can stop payments from cards.

Minna has partnered with European retail banks including Swedbank, Lloyds Banking Group and ING.

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.”