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American Focus > Blog > Economy > Mastercard to buy subscription management startup Minna Technologies
Economy

Mastercard to buy subscription management startup Minna Technologies

Last updated: October 5, 2024 1:12 am
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Mastercard to buy subscription management startup Minna Technologies
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Mastercard has announced its plans to acquire Minna Technologies, a software company that specializes in helping consumers manage their subscriptions more effectively. This move is part of Mastercard’s strategy to expand its services beyond traditional credit and debit card offerings and into technology-driven solutions such as cybersecurity, fraud prevention, and pay-by-bank payments.

The financial terms of the acquisition have not been disclosed, pending regulatory review. However, Mastercard has stated that this deal, along with other subscription-related initiatives, will enable consumers to access all their subscriptions in a single view, either within their banking app or through a centralized hub.

Minna Technologies, headquartered in Gothenburg, Sweden, develops technology that allows consumers to manage their subscriptions within their banking apps and websites, regardless of the payment method used for those subscriptions. The company already partners with some of the world’s largest financial institutions, including Mastercard and its competitor Visa.

By offering a solution to the challenges of managing multiple subscriptions across various services like Netflix, Amazon, and Disney Plus, Mastercard aims to improve the consumer experience and reduce the likelihood of subscription cancellations leading to payment blocks requested by consumers through their banks.

According to Juniper Research, there are currently 6.8 billion subscriptions globally, a number expected to rise to 9.3 billion by 2028. This growth underscores the importance for financial services companies like Mastercard to expand their product offerings and remain competitive with emerging fintech players who provide digital solutions for managing financial needs.

In addition to the Minna Technologies acquisition, Mastercard has been actively expanding its product suite to enhance consumer convenience and security. In 2020, the company acquired Finicity, a U.S. fintech firm that facilitates third-party access to consumer banking information for payments. Mastercard also announced plans to tokenize all cards issued on its European network by 2030, streamlining the payment process and enhancing security for consumers.

See also  Meta acquires voice startup Play AI

Visa, Mastercard’s primary payment network rival, is also making efforts to stay competitive in the fintech landscape. Recently, Visa introduced Visa A2A, a service that simplifies the setup and management of direct debits for consumers, enabling payments directly from their bank accounts.

Overall, the acquisition of Minna Technologies represents a strategic move for Mastercard to enhance its subscription management capabilities and provide a seamless and secure experience for consumers in an increasingly digital and subscription-based economy.

TAGGED:BuymanagementMastercardMinnastartupSubscriptionTechnologies
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