Minna Technologies announces a €5.6M Series A investment led by Zenith Group accompanied by Visa and Swedbank. Minna Technologies is now scaling up to become the number one FinTech partner for retail banks in Europe.
In the three years since its banking products were first announced on stage at STHLM Tech Meetup, Minna Technologies has emerged as one of the most significant contributors to making subscription management easy with financial technology.
Today, Minna Technologies announces a €5.6M Series A investment led by Zenith Group. Also participating in the funding round were Visa and existing investor Swedbank
“This investment round makes it possible for us to scale up and execute on our European expansion plans. As many European banks have started to embrace FinTech partnerships, we have seen a dramatic increase in the interest of our subscription management platform. Our current bank partnerships have proved that subscription management is well received by banking customers and that it is an essential part of digital banking.“, says Joakim Sjöblom, co-founder and CEO, Minna Technologies.
“We’re thrilled to become a part of Minna Technologies ongoing journey. We can clearly see what values Minna Technologies creates for the end-user through bank partners and we’re looking forward to supporting the company taking this offer throughout Europe”, says Tommy Jacobson, Chairman of the board, Zenith Group
“Minna Technologies is run by a strong team who have developed a scalable bank grade technology platform with a high level of automation that is ready to scale out in Europe. We further strongly believe in the underlying trends that Minna Technologies builds their business on in terms of the growing subscription economy, banks willingness to collaborate with FinTech companies and consumers wish for an easier way to access actionable insights that help improve their personal finances. We’re also happy to make this investment together with Visa and Swedbank, which alongside the entrepreneurs and the earlier investors gives Minna Technologies a strong and relevant group of owners for the continued expansion”, says Erik Lindblad, investment manager, Zenith Group
“Minna Technologies has a strong focus on constantly improving the digital user experience, while at the same time offering the bank’s customers hands-on tools that simplify their everyday lives. Our innovation collaboration with Minna Technologies has already from the start of 2017, helped to secure our future business model, while at the same time contributed to increased customer value. As an investor and partner, it will be very exciting to see Minna Technologies grow further and expand its successful business to Europe.” says Lotta Lovén, Head of Digital Banking Swedbank.
The investment allows Minna Technologies to pursue its ambitious growth plans over the next years. Minna Technologies will now increase its European presence and aims to be the FinTech partner of choice for any bank who wants to improve their digital banking experience.
To support the expansion plans, Minna Technologies is increasing the size of the company and its geographical reach. The company plans to strengthen its team with important key competencies and aims to open up a new office in Europe – placing themselves closer to the customers.
About Minna Technologies
Launched in 2016, Minna Technologies is a Swedish FinTech startup on a mission to make subscription management easy. What began as a consumer app for subscription management (“Mina Tjänster”) has today become a bank integrated platform – helping retail banks across Europe to dramatically improve their customer experience. Today, Minna Technologies is an FSA-regulated FinTech partner to several top tier banks in Europe. The company’s award-winning subscription management platform has saved more than €30M on behalf of its users. Read more at www.minnatechnologies.com
About Zenith Group
Zenith Group is a Stockholm based investment company that focuses on investing in Nordic start-ups and growth companies within the Tech sector. Through an active ownership, Zenith Group contributes to building companies and accelerating their growth together with distinguished entrepreneurs. Read more at www.zenithgroup.se
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Visa’s mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Visa’s advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. Visa’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying its brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.
Swedbank encourage a sound and sustainable financial situation for the many households and businesses. As a leading bank in the home markets of Sweden, Estonia, Latvia and Lithuania, Swedbank offers a wide range of financial services and products. Swedbank has over 7 million retail customers and around 600 000 corporate customers and organisations with 186 branches in Sweden and 125 branches in the Baltic countries. The group is also present in other Nordic countries, the US and China. As of 31 December, 2018 the group had total assets of SEK 2 246 billion. Read more at www.swedbank.com.