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.