-14.9 C
Moscow
Thursday, January 21, 2021

Minna Technologies, a subscription management tool for banking customers, raises $18.8M – TechCrunch

Must read

Vistara Airlines Set To Launch Two Routes To Sharjah

Vistara is launching two new routes to Sharjah, UAE, expanding its presence in the country. The carrier plans to add flights from Delhi and...

Digital securities platform iSTOX closes $50 million Series A to make private equity accessible to more investors – TechCrunch

Oi Yee Choo, chief commercial officer of digital securities platform iSTOX iSTOX, a digital securities platform that wants to make private equity investment more accessible,...

Frontier Adds New Florida Routes – AirlineGeeks.com

January 20, 2021 9:43 pm ET By Jace MoseleyFrontier Adds New Florida Routes Frontier Airlines has continued their aggressive expansion in Florida with the announcement of...

Virgin Australia Won’t Return To Port Moresby, Rarotonga, & Nukuʻalofa

Virgin Australia has quietly exited three short-haul international markets in the South Pacific. While no Virgin Australia’s international flights presently operate, some people hold...

With the proliferation of subscription services, combined with our lives becoming almost 100% digital, there’s a rising need to be able to manage these services. But most banks don’t have much of an answer. Step in Minna Technologies, which sells in its subscription management services into banking apps.

It’s now raised $18.8 million (€15.5m / £14m) in Series B fundraising from Element Ventures, MiddleGame Ventures, Nineyards Equity and Visa, to expand its open banking technology to banks globally.

Founded in Gothenburg, Sweden in 2016, Minna enables customers to manage subscription services via their existing bank’s app. Using Minna, customers can terminate subscriptions just from their banking app, automatically, cutting the data and financial ties between the merchant and customer. The platform can also notify customers when a free trial is about to end and facilitates utilities switching allowing them to find better deals. So far, Minna has partnerships with Lloyds Banking Group, Swedbank and ING.

Minna’s technology reduces the burden on a bank’s call centers, plus banks can also benefit financially from Minna’s role in facilitating utility switching, raising the prospect of banks becoming marketplaces.

The appearance of Minna suggests that the first wave of neo-banks is about to be accompanied by a second wave of overlayed services such as this. The average European is spending £301 (€333) a month on 11 subscriptions, which is predicted to increase to £459 (€508) a month on 17 subscriptions by 2025. IDC predicts that by 2050, 50% of the world’s largest enterprises will focus the majority of their businesses on digitally enhanced products, services, and experiences. Subscriptions are even coming from car makers such as Volvo.

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.”

Sjöblom told me that by largely working with incumbent banks, Minna is providing them with a way to fight back against challenger banks.

Pascal Bouvier, Managing Partner, MiddleGame Ventures said: “We strongly believe in a vision where banks develop their checking account offerings into “connected and intelligent” platforms and where retail clients are able to interact in many more ways than in the recent past.”



Source link

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Vistara Airlines Set To Launch Two Routes To Sharjah

Vistara is launching two new routes to Sharjah, UAE, expanding its presence in the country. The carrier plans to add flights from Delhi and...

Digital securities platform iSTOX closes $50 million Series A to make private equity accessible to more investors – TechCrunch

Oi Yee Choo, chief commercial officer of digital securities platform iSTOX iSTOX, a digital securities platform that wants to make private equity investment more accessible,...

Frontier Adds New Florida Routes – AirlineGeeks.com

January 20, 2021 9:43 pm ET By Jace MoseleyFrontier Adds New Florida Routes Frontier Airlines has continued their aggressive expansion in Florida with the announcement of...

Virgin Australia Won’t Return To Port Moresby, Rarotonga, & Nukuʻalofa

Virgin Australia has quietly exited three short-haul international markets in the South Pacific. While no Virgin Australia’s international flights presently operate, some people hold...

Indian stock exchanges approve $3.4B Reliance and Future deal in setback for Amazon – TechCrunch

Indian stock exchanges approved the $3.4 billion deal between retail giants Reliance Retail and Future Group on late Wednesday in yet another setback for...
Translate »