What Is Minna Technologies?
The company was founded by entrepreneurs Joakim Sjöblom, Jonas Karles, and Marcus Lönnberg in Gothenburg, Sweden, in 2016. It is one of the fastest-growing financial technology companies in Europe due to its seized opportunities in the burgeoning business of the subscription market.
Minna partners with banks to help their customers manage subscriptions through their banking apps. For example, their business platform can help a bank’s customers terminate an unwanted subscription straight from the app or will warn customers when a free-trial is about to expire (anyone who has ever forgotten to cancel a free trial will appreciate this feature).
“Over the past four years the subscription economy has exploded from Spotify and Netflix to even iPhones and cars,” Sjöblom, who serves as CEO, told TechCrunch. “It’s becoming increasingly difficult for customers to keep track of the payments and harder for banks to handle inquiries to shut them down.”
With over 50 employees, the startup has developed partnerships with major banks and corporations, including Swedbank, Visa, SpareBank, Lloyds Banking Group, ING, and Danske Bank.
Minna Technologies has raised $25 million to date for their business, according to Crunchbase. The startup pulled in $6.2 million in a Series A fundraising round led by Swedbank, Visa, and Zenith Group in May 2019.
Then in its Series B round — announced in January of 2021 — the company raised a whopping $18.8 million. Among the investors in this latest round are venture capital firms Nineyards Equity, Middlegame Ventures, and Element Ventures, as well as Visa, which came back for seconds.
The startup’s business goal is to transform people’s banking apps into convenient, one-stop shops where they can control more aspects of their finances than just what’s in their checking and savings accounts.
“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,” said MiddleGame Ventures Managing Partner Pascal Bouvier.
From here, it’ll likely be a quest for the company to develop more partnerships and expand globally.
The success of Minna Technologies is simple — and a useful lesson for all entrepreneurs. This company created its product based on a real need: a mechanism for managing the emerging subscription trend. Furthermore, the startup’s products save money, which will always be appealing to customers.
The company’s business model, investor enthusiasm, and fundraising success of Minna Technologies show the consequences of a great idea.
About the Author
Jemima is a journalist who enjoys reporting on business, particularly small business and entrepreneurship.