Swedish subscription managemen app Minna Technologies has raised €15.5 million in Series B fundraising 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. The platform can also notify customers when a free trial is about to end to prevent them from being charged, and facilitates utility switching to help customers find better deals.
Minna is already working with major European banks, including Danske Bank, Lloyds, Swedbank and ING, to help consumers oversee, manage, and cancel the average £301 that is spent on subscriptions each month, a number that is expected to grow to 17 subscriptions and a cost of £459 by 2025.
Demand for Minna’s product has escalated as a result of the growth in the subscription economy, which has increased over 350% since 2012 thanks to the rise of online streaming, entertainment platforms, on-demand shopping platforms and app services.
The new Series B funding takes the total Minna Technologies has raised so far to over €23m million. Visa previously invested in the firm in May, 2019, joining Zenith group and Swedbank in a €6.5 million round of funding.
Joakim Sjöblom, CEO and co-founder of Minna Technologies, says 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.
“Over the past four years the subscription economy has exploded from Spotify and Netflix to even iPhones and cars," he says. "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.”