Check out the pitch deck that fintech startup Minna used to raise $18.9 million from backers including Visa

  • Swedish fintech Minna has raised €15.5 million ($18.9 million) in Series B funding in a round led by Element Ventures.
  • The startup, founded in 2016, helps offer customers the ability to cancel subscriptions easily through its platform. 
  • "Over the past four years the subscription economy has exploded from Spotify and Netflix to even iPhones and cars," Joakim Sjöblom, CEO and cofounder of Minna, told Insider in an interview. "It's becoming increasingly difficult for consumers to keep track of the payments and harder for banks to handle inquiries to shut them down."

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The coronavirus pandemic has resulted in an uptick in subscriptions, as people spend more time inside and on entertainment. 

The average European is spending €333 ($405) a month on 11 subscriptions. That is predicted to increase to €508 ($618) a month on 17 subscriptions by 2025, according to research by Minna, a startup that partners with banks to offer simple subscription ending and switching tools to customers. 

Minna, founded in 2016, has just raised €15.5 million ($18.9 million) in Series B funding in a round led by Element Ventures. The company has recently partnered with Lloyds Banking Group and claims to have saved more than €40 million ($49 million) for retail banking clients at other partners Swedbank and ING. 

"We've raised this Series B because we are having even faster traction now outside of Europe, from , Brazil, the UAE, and in North America," CEO Joakim Sjöblom told Insider in an interview. "Being in front of the wave is very important and the subscription economy is a key trend."

MiddleGame Ventures, Nineyards Equity and Visa also joined the fundraise. 

"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," Sjöblom added. 

The funding will go towards expanding Minna's offering further in Europe and expanding its global footprint while scaling its technology infrastructure. "How can a bank compete with big tech when they enter fintech?" Sjöblom said. "We help them to compete with neobanks by new revenue streams from their existing customer base because we want to avoid them becoming another Kodak or ."

Check out Minna's pitch deck below:

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