Customer subscription management tool Minna Technologies has raised €15.5 million (£14m) in a Series B funding round to expand its Open Banking technology to banks across the world.

Founded in Gothenburg, Sweden in 2016, Minna enables customers to manage subscription services via their bank’s app.

Instead of spending time on the phone or going through web pages trying to cancel a subscription, Minna can terminate it at the push of a button.

The platform can also notify customers when a free trial is about to end to prevent them from being charged, and facilitates utilities switching to help customers find better deals.

The Series B round brings the total Minna has raised so far to over €23m (£20.8m).

The new funding round was led by Element Ventures, with support from MiddleGame Ventures, Nineyards Equity and Visa.

Through partnerships with European retail banks including Swedbank and ING, Minna reckons it has saved more than €40m on behalf of the banks' retail customers.

In addition, Minna has now partnered with Lloyds Banking Group to build its technology into that firm's banking apps.

Minna says its solution reduces the burden on banks' call centres when it comes to dealing with customer inquiries, thanks to its integration with Visa which means it can stop payments from cards.

Banks can also benefit from Minna’s role in facilitating utility switching, providing them with an additional source of revenue.

Joakim Sjöblom, chief executive and co-founder of Minna Technologies, said: “Over the past four years the subscription economy has exploded from Spotify and Netflix to even iPhones and cars.

“It's becoming increasingly difficult for consumers to keep track of the payments and harder for banks to handle inquiries to shut them down.

“Minna’s tech improves the procedure for banks by simplifying the process, as well as providing an in-demand digital product that consumers are starting to expect from their financial institutions.”

Michael McFadgen, partner at Element Ventures, said: “Minna are providing banks with the tech they need to manage the millions of subscriptions their customers have, whilst bringing the switching service in-house to provide additional revenue streams.

He added: “This is a clear example of the liberating services Open Banking promised us.”

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