Minna takes Swedish finance management solution to European customers
Swedish start-up Minna Technologies are carving out an important space in the personal finance management sector and bringing power to the modern consumer. As part of the booming Swedish FinTech sector, Minna are navigating a new course within a traditional sector.
Minna work with consumers, banks and suppliers to help individuals manage recurring subscription payments. Their service is built on the simple premise of giving people the power to identify and get an overview of the regular payments for utilities, mobile telephones, broadband, gym membership, insurance and everything in between.
CHALLENGES
Minna knew the UK market was their next expansion step. But their experience of working with banks meant they knew the process could be slow and laborious with cold calling rarely cutting through to the right people. It was crucial to get local insight and connections to speed up the initial stages of their entry to market.
SOLUTION
Minna turned to Business Sweden to help with on-the-ground local market research and insights to help them understand how the market met their entry criteria. They also leveraged Business Sweden’s credibility and networking expertise as a launch pad for getting critical bank contacts both through email and face-to-face meetings at a trade conference.
RESULT
Minna’s brief enabled Business Sweden to provide initial insights into the market including competitor analysis. A bespoke network was developed that provided Minna direct contact with crucial banking connections. This approach has accelerated the normally very slow entry to market for Minna who are now further along in their UK expansion journey.
CONTACT
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But this service is only part of the approach as Minna Business Developer, Christopher Svensson explains, “Personal finance management has evolved from PFM1.0 which just provided insights and a general overview about spending habits to PFM2.0 where customers can take action to improve their finances. We work with third party suppliers to offer our customers options to get deals to help save money or to better meet their personal needs. We also offer a quick and simple solution to cancel subscriptions.”
While the idea is simple and easy to understand, the application and integration is more complex. Since their launch in 2015, Minna have evolved their offer from direct to consumers to being integrated into the banking solution of Sweden’s largest bank, Swedbank. This integration means that over 4 million Swedish banking customers now have access to Minna’s Subscription Management Platform integrated in their banking app.
Digitalisation underpins our entire business. Digital signatures are one aspect but how advanced banks are in their digital journey can determine a successful collaboration. In the Nordics both digital factors are quite advanced, in business and culture, making collaboration easier.
Expanding across the Nordic market was the natural next step in Minna’s European growth. The familiar cultural, business and regulatory structures in Norway, Denmark and Finland, made for a relatively smooth Nordic expansion which has also been facilitated with a growing relationship with Danske Bank. But a critical component for Minna, and the wider FinTech sector, is the rate and uptake of digitalisation. Christopher Svensson said, “Digitalisation underpins our entire business. How mature banks are in their digital journey can determine a successful collaboration. In the Nordics this is often quite advanced, in business and culture, making collaboration easier.”
Bringing contemporary thinking and approaches to a risk adverse and slow-moving sector is never easy. And while launching in your home market, making connections and understanding regulations can be challenging, the wider European market presents different local regulatory and cultural challenges.
Minna’s relationship with Business Sweden was established through the Leap Accelerator programme which gave them insight into which European markets would be the best match. From this, the UK was identified as the strongest contender.
When the European expansion became a priority, Minna applied to, and was selected for, Business Sweden’s Catalyst programme. The project that grew from this programme combined Minna’s expertise in market entry with Business Sweden’s local insights and ability to swiftly create and access new connections within the banking sector. This has put Minna firmly on the road to expanding into the UK.
Christopher Svensson states: “Selling to banks is a long process and it’s often hard to get access to and responses from the right people, especially in a new market where you are not known. Business Sweden’s credibility and expertise helped open some of those locked doors in the UK.”
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Team Leader Customer Group ICT
Hanna Leffler
Project Manager
Copenhagen
hanna.leffler@business-sweden.se
+45 20 563 110
Business Sweden’s purpose is to help Swedish companies grow global sales and international companies invest and expand in Sweden.
