Mastercard has announced its intention to acquire Minna Technologies, a Swedish subscription management company. Financial details of the deal have not been disclosed.
Founded in Gothenburg, Sweden in 2016, Minna Technologies allows customers to manage their subscription services directly through their bank’s app. The platform provides notifications to customers about the expiration of free trials to help them avoid unwanted charges and aids in switching utility providers to secure better deals.
Minna is backed by notable investors, including Mastercard’s competitor Visa. Its services, which are payment-scheme agnostic, are integrated into the apps and websites of several major banks, such as Danske Bank, Lloyds, Swedbank, and ING.
According to Juniper Research, there are currently 6.8 billion subscriptions worldwide, a figure projected to increase to 9.3 billion by 2028. Despite this growth, Mastercard acknowledges that the subscription experience often poses challenges for consumers seeking to modify, extend, or cancel services. With the acquisition of Minna, Mastercard aims to enhance simplicity and clarity for users while fostering stronger relationships between businesses and consumers.
“Through this acquisition, we will enhance technology that fosters the business-consumer relationship, optimizing our offerings, transparency, and consumer choice,” stated Johan Gerber, EVP of security solutions at Mastercard.
The acquisition is pending regulatory approval.