Gothenburg, Sweden, 17th May 2019 – Elevera Advisers is pleased to have acted as exclusive financial advisor to Minna Technologies on €5.6M investment led by Zenith Venture Capital with the participation of Visa and existing investor Swedbank.
Since launching in 2016, Minna Technologies has emerged as one of the most significant contributors to making subscription management easy to with their retail banking platform. Consumers can now cancel, switch and renegotiate their subscriptions with a few clicks and regain control over their recurring expenses in an ever-expanding subscription economy.
Minna’s award-winning products are currently used by major banks in Sweden, Denmark and Finland – serving more than 10 million users. The subscription economy has grown by more than 300% in the past 7 years and Europe is the next growth area for subscriptions. According to a recent study from Zuora, subscriptions in Europe raced ahead of North America with an annual growth rate topping 34% — the fastest quarter in a year and a half. The Nordic markets are at the forefront of this economic trend with their consumers adopting subscription-based products and services faster than the rest of Europe.
Minna Technologies is one of the key change-drivers for the Open Banking paradigm which is seriously impacting the banking industry. This evolution is shifting today’s closed banking model in which the customers’ banks have sole control and possession of customer data, into an open model, in which a large number of traditional banks, new providers and Fintechs will have access to this data. Banks are partnering with Minna to seize this as an opportunity to improvetheir customers experience, create new revenue streams, and a build a sustainable digital service model to meet the threat of FinTech challengers.
Joakim Sjöblom, Co-founder & CEO of Minna said “We are delighted to welcome new investors and the continued support from existing investors that will give us the opportunity to accelerate product developments and geographical expansion. Elevera Advisers supported our fundraising process from preparation to execution, engaging from all the way from an operational to a strategic level”
Erik Lindblad, investment manager, Zenith Group continues:“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”.
Lotta Lovén, Head of Digital Banking Swedbank added:
“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.”
Elevera’s CEO & founder Thorgeir Einarsson, leading the process, concludes: “I feel proud to have advised such an innovative company with an unusually articulated company culture that is attracting not just great talent but now also top-notch investors. I’m convinced Minna will continue its expansion to become the de-facto BankTech category leader within Personal Finance Management (PFM), especially now with the support of their new financial and corporate investors.”
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 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.
For further information,please visit www.minnatechnologies.com
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About Elevera Advisers
Elevera Advisers provide hands-on strategic advisory, fund-raising and M&A services for technology start-ups and growth companies. Elevera has its base in Sweden with associates in London and San Francisco.
For further information,please visit www.eleveraadvisers.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.