Minna Technologies Teams Up with OP Financial Group

Minna Technologies, a Swedish banking tech start-up, has sealed a partnership deal with OP Financial Group, Finland’s largest financial group, reports Tanya Andreasyan of Fintech Futures (Finovate’s sister publication).

The two companies first started working together in 2018 at OP’s Open Banking Startup Partnership Programme, and the latest deal is the extension of that collaboration.

Minna Technologies is an authorised Payment Initiation Service Provider (PISP) and Account Information Service Provider (AISP), operating under the supervision of the Swedish Financial Supervisory Authority (FSA).

Using Minna’s tech, OP will be able to better to capitalize on its Open Banking Strategy and PSD2 APIs developed for third-party providers, the vendor says. CEO Joakim Sjöblom described OP as “a leader in the Finnish market in terms of innovation, customer focus, and delivery of excellent customer experience.”

“This partnership is a great example of the importance of finding the right match in partners,” said Masa Peura, SVP of payments and personal finance management at OP, adding that the bank was “impressed by Minna Technologies’ innovation and technical capabilities.”

As for the tech firm, taking part in OP’s start-up program was “a great opportunity to get to know the OP organization, validate the technical approach, as well as the need for subscription management in the Finnish market,” said John Nyström, country manager for Finland at Minna Technologies.

Starting as a consumer application for subscription management (Mina Tjänster) in 2016, Minna Technologies has grown since to become an integrated platform for retail banks and service providers in the Nordics to improve the digital banking experience.

The company said its subscription management platform has saved more than €30 million on behalf of its users. Swedbank, SpareBank 1 and Danske Bank are all on its client list.

Minna Technologies demonstrated its subscription management platform for banks to offer to their customers, Minna Tech, at FinovateEurope 2019. The technology provides users with an automated overview of their subscription accounts and all recurring charges, making it easier for them to cancel unwanted subscriptions as well as switch to other providers that offer a better value for their services.

Minna Technologies has raised $6.2 million in funding from investors including Zenith Group and Swedbank.

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Minna Technologies Raises $6.3 Million

Subscription management tool for online banks Minna Technologies just announced it has received a $6.3 million (€5.6 million) investment, bringing its total funding to almost $9 million.

Zenith Group led the round, followed by Visa and existing investor Swedbank. Minna will use the funds to increase its presence in Europe. To support these plans, the company will bolster its team and open a new office in Europe.

“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,” said Minna CEO and Cofounder Joakim Sjöblom. “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.”

Founded in 2014, Minna originally began as a consumer-facing app for subscription management, then launched as a bank-integrated platform in 2016. Since then, the company has helped consumers save more than $33.5 million in unwanted subscriptions. The company is partnered with several top-tier banks across Europe, including Swedbank and Danske bank, and has a pilot agreement with OP bank.

Sjöblom demoed Minna at FinovateEurope 2019 in London. The company is headquartered in Gothenburg, Sweden and has 34 employees. In 2017, the company’s revenues totaled $536,000.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinovateEurope Sneak Peek: Minna Technologies

A look at the companies demoing live at FinovateEurope on February 12 through 14, 2019 in London, U.K. Register today and save your spot.

Minna Technologies is the world’s leading subscription management solution, built to be integrated with retail banks.

Features

  • Stimulate customer engagement and customer satisfaction
  • Experience new revenue streams, enabled by Open Banking
  • Learn how Minna can increase conversion rates of your core financial products

Why it’s great
Digital banking and personal finance management are moving from insights to actions. Forget about graphs and pie-charts; the real value comes when you help the customer to make a real change.

Presenter

Joakim Sjöblom, Co-Founder and CEO
Sjoblom has founded three companies over the last 10 years and spent the latest five years within fintech. As a founder of Minna Technologies, he conducted partnerships with leading retail banks.
LinkedIn

 

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.