Minna Technologies, a Sweden-based developer of subscription management software, received €15.5m ($18.8m) yesterday in a series B round featuring payment services provider Visa.
The round was led by financial technology-focused venture capital fund Element Ventures and included MiddleGame Ventures and Nineyards Equity. The company said it has now raised over $28m of funding since it was founded in 2016.
Minna has built a platform that enables banks to manage their subscription services and receive notifications regarding when a free trial is about to end. It claims it has helped save over $48m through partnerships with banks including Lloyds Banking Group, Swedbank and ING.
The proceeds will be used to develop the company’s technology platform and expand its offering into new territories.
Joakim Sjöblom, Minna’s co-founder and CEO, said: “This new funding will help us take Minna across the globe to reach more banks and customers than before and we look forward to working with Element Ventures to achieve our next period of growth.”
Visa and financial services firm Swedbank participated in a $6.3m series A round for Minna in mid-2019 that was led by investment firm Zenith Group. The company had received an undisclosed amount of funding from Swedbank in 2017 in relation to a partnership agreement.