With the proliferation of subscription services, with our lives becoming almost 100% digital, there is a growing need to be able to manage these services. But most banks do not have the answer. The move to Minna Technologies, which sells its subscription management services to banking apps.
Now banks around the world have to expand their open banking technology by raising $ 18.8 million (€ 15.5m / £ 14m) in Series B fundraising from Element Ventures, Middlegame Ventures, Nineyard Equity and Visa.
Established in Gothenburg, Sweden in 2016, Minna enables customers to manage subscription services through their existing bank’s app. Using Minna, customers can unsubscribe from their banking app, cutting data and financial relationships between merchant and customer automatically. The platform can notify customers when a free trial is about to expire and features utilities that allow them to find better deals. So far, Minna has partnered with Lloyds Banking Group, Svedbank and ING.
Minna’s technology reduces the burden on the bank’s call centers, as well as financially benefiting from Minna’s role in facilitating utility switching to banks, increasing the likelihood that banks will become markets.
The presence of Minna suggests that the first wave of neo-banks is about to coincide with the second wave of such overlay services. The average European is spending £ 301 (€ 333) a month on 11 memberships, which is projected to increase to £ 459 (€ 508) per month on 17 memberships by 2025. IDC estimates that by 2050, 50% of the world’s largest enterprises. The majority of their businesses will focus on digitally enhanced products, services and experiences. Subscriptions are also coming from car manufacturers like Volvo.
Minna Technologies CEO and co-founder Joaquim Söjblom said: “In the last four years the membership economy has expanded from Spotify and Netflix to iPhones and cars. It is becoming increasingly difficult for consumers to keep track of payments and inquiries by banks to close them. Minna’s technology improves the process by simplifying the process for banks, as well as providing in-demand digital products that consumers are beginning to expect from their financial institutions. “
Sjöblom told me that by working with largely incompatible banks, Minna is offering them a way to fight against the banks that challenge them.
Pascal Bauvier, managing partner of Middlegame Ventures, said: “We strongly believe in a vision where banks develop their checking account offerings into a” connected and intelligent “platform and where retail customers are many more ways than in recent times Are able to interact with. “