From Frustration to World Leader: During the last decade, the subscription economy has drastically changed consumers’ financial needs. Today, an average household pays for 20 different subscription services that include streaming services like Netflix and Spotify, along with the gym membership, cloud software services, telco and utilities etc. One in two consumers claim they lack control over their subscription services, and one in three pays for at least one subscription without knowing it. Moreover, two in three consumers consider canceling a subscription service to be a struggle. In short, subscription management is a frustration many consumers share.
Such was the frustration that Joakim Sjöblom faced at the supermarket ICA in a small Swedish town called Skövde. He was about to pay for his groceries when his debit card got rejected due to insufficient funds. While checking his balance, he realized that several subscription services – Netflix, Spotify and his gym membership – had unexpectedly charged his account. At that very moment, he thought; there should be an app for this! Following, Joakim (a.k.a the hustler) pitched the idea of a subscription app to Jonas Karles (the hipster) and Marcus Lönnberg (the hacker), and asked them if they wanted to help him build it. All three of them have had entrepreneurial mindsets, and have been involved in different kinds of ventures during their youth. They share an urge to make a positive difference on a larger scale, and that’s why they agreed that this was a promising idea, and committed to building it.
Today, Minna Technologies is the world’s leading PFM subscription management solution. Building the future of retail banking by intelligent use of transaction data, Minna Technologies’ subscription management platform currently serves 7 million digital banking customers worldwide. The company’s subscription management platform aims to help retail banking customers to get better control over their subscription finances. Besides monitoring subscriptions and notifying the user of changes, this leading platform allows the user to cancel any type of subscription with only 1-click. Moreover, it platform also recommends better telco and utility services, and helps the user to either switch or negotiate a better deal.
A world leading solution solving a widespread consumer problem
Minna’s world-leading solution solves a widespread consumer problem – managing subscriptions effortlessly and quickly. With Minna, the bank customers can get full control over their subscriptions through an automatically generated overview. Secondly, they can save time and money by canceling any unwanted subscription with just a click. And, finally, they can save time and money by identifying and switching to a better utility supplier in 30 seconds
Minna’s platform applies intelligent algorithms and machine learning on transaction data to make the subscription management experience personal and relevant. By choosing Minna, the bank gets an opportunity to get a head start on PSD2 by offering a personalized service that millions of bank customers use and appreciate along with a GDPR-compliant solution that already has successfully integrated with Swedbank in Sweden.
Obsessed about offering an essential solution
Since the foundation of Minna, the founders and the team have been obsessing about offering a solution to consumer’s subscription management problem. However, it wasn’t as easy as it looks in the beginning. One of founders’ initial challenges was how they could help consumers at the sale. But, then by attending several Fintech events and conferences, they soon realized that many retail banks share our urge to help consumers better their finances. It didn’t take long after meeting Swedbank and Danske Bank, the largest retail banks in Sweden and Denmark respectively, until Minna signed an agreement to implement a native subscription management solution in their respective digital channels.
Due to the nature and scale of hosting a native subscription management platform for retail banks with millions of customers, building trust and aligning company’s values with those of its clients is everything for Minna. Therefore, the firm keeps a close dialog with the bank clients on a daily basis. Furthermore, when this subscription management company enters an agreement with a new retail bank, it always makes sure that the foundation of the relationship is built on shared values. Otherwise, the company won’t do business with them.
At any point, teamwork makes the dream work!
The team and the culture at Minna are special, and founders attribute all of their success to the team. The team, culture, and values are always considered as Minna’s greatest advantage. And its mission-driven focus to make a positive difference in people’s lives makes Minna stand out from competitors.
Basically, everyone who visits the office says something in the lines of; “Wow, what a cozy and familiar atmosphere you have established.” Moreover, the founders have never referred to the company as a workplace, rather, a family. Minna’s employer branding slogan is; “Bring life to work” – meaning that you are encouraged to be the same person at work as you are at home.
Talking about the company’s future outlook, the founders say, “You can expect more of what you have seen us do during 2017 and 2018. Our goal is to integrate with several more retail banks in the upcoming year. We are currently growing our organization at a rapid pace in order to be ready to scale.”
For more info: Minna Technologies