Mastercard to acquire Sweden’s Minna Technologies to streamline subscription management and cancellation

Global tech company Mastercard has announced its plan to acquire Sweden’s Minna Technologies, a subscription management company, pending regulatory approval. This move aims to bolster Mastercard’s services in the subscription economy.

Aim of the acquisition

According to Juniper Research, there are currently 6.8 billion subscriptions worldwide, a number projected to rise to 9.3 billion by 2028. This growth is driven by consumer desires for entertainment, information, convenience, and flexibility. 

For businesses, subscriptions offer the chance to build long-term customer relationships and enhance service delivery. However, challenges remain, as consumers often find it difficult to modify or cancel subscriptions, and payment blocks can hinder re-engagement.

To address these issues, Mastercard agrees to acquire Minna Technologies. 

Minna Technologies enables consumers to manage their subscriptions directly through banking applications. Partnering with major financial institutions, Minna’s services streamline the process for users, improving the overall subscription experience.

The acquisition will allow Mastercard to provide tools that streamline the merchant-consumer relationship.

To improve the subscription experience, Mastercard and Minna Technologies will focus on three key areas:

• Simplicity: Ensuring an easy-to-use process where consumers can access all their subscriptions in one view, allowing them to sign up, modify, or cancel services easily.
• Clarity: Offering transparency through solutions like digital receipts, helping consumers understand their subscriptions and reducing involuntary churn.
• Relationships: Equipping merchants to engage with customers in real time, fostering retention and growth by enhancing loyalty, rewards, and personalised offerings.

Amanda Mesler, Minna Technologies’ Chair and CEO, says, “This is a significant recognition of the strength, growth and impact of Minna Technologies in powering the global subscription economy, partnering with top-tier banks, fintechs and subscription businesses.”

“We look forward to joining Mastercard’s world-class team and helping businesses to empower consumers with control, convenience and flexibility in managing their subscriptions and recurring payments.”

Brief about Minna Technologies

Minna Technologies claims to have established itself as a global leader in subscription management, integrating its services into banking and fintech applications. The company collaborates with banks, fintech firms, and subscription-based businesses across the US, UK, and Europe. 

Minna mentions that it is recognised as the only B2B2C platform offering an automated subscription management engine that ensures bank-grade compliance and supports global subscriptions and payments.

By facilitating the subscription economy, Minna Technologies aims to help businesses increase revenue, lower operational costs, and enhance customer engagement and retention for over 120 million users. 

Among its clients are financial institutions such as Lloyds Banking Group, ING, Swedbank, OP Financial Group, and SpareBank 1. The company is supported by several venture capital firms, including 13books Capital, Middlegame Ventures, Zenith Capital, and Nineyards Equity. 

Minna’s global workforce operates across multiple countries, including the US, UK, Sweden, Romania, and India.