London has got some love as Swedish fintech firm Minna Technologies is keen on doing more business in the UK with the launch of its hub in the capital.
Minna (which means ‘less’ in Swedish) is based in Gothenburg. It offers retail banks digital experiences within subscription management. The company says around 20 million people benefit from its subscription solutions.
Founded in 2016, Minna has various European retail banks as clients, including Lloyds in the UK. Other customers are Visa, ING, Banco Sabadell, OP Financial Group, Swedbank, Danske Bank and Sparebank.
In January 2021, Minna raised $18.8 million (£13.8 million) for its Series B, with the help of UK-based investors Element Ventures and Visa. It also recently partnered with London-based fintech Bud.
With the new hub, Minna CEO Joakim Sjoblom notes: “The UK is a strong launchpad not just into European markets but it also acts as a bridge to our key expansion markets of the US and Australia. The talent pool remains unparalleled, the digital ecosystem strong, and the institutional financial knowledge exceptional.”
Sjoblom also mentions industry body Innovate Finance, which reported that UK fintech attracts $4.1 billion (£3 billion) in venture capital and “ranks second globally, only behind the US for smart capital looking to scale businesses”.
As part of the commitment to the UK market, Minna is also announcing some hires including the appointment of Mike Davies as chief commercial officer, the appointment of Steve Hoy as head of Strategic Partnerships, and the transfer of Minna’s CFO Navpreet Randhawa from Sweden to London.
Davies has been working in the payment industry for the majority of the last 20 years with senior roles at GoCardless, PayPal, VeriSign and Visa. Hoy joins Minna from Thought Machine where he was director of Partnerships, having spent over a decade at RBS running Banking Partnerships. Randhawa, who joined the firm in 2018 and led Minna through its Series A and B, formerly worked with Invest India following his own entrepreneurial venture and a career in banking.
In other good news for London this week, Israeli company Orca Security says it plans UK expansion with the $550 million (£405.5 million) it got in its extended Series C fundraising round.
Orca will expand its footprint in the country and across the EMEA region. The company is opening a physical office in London, where it will have an expanded sales presence, and a new R&D centre, its first outside of Tel Aviv. Orca Security plans to have over two dozen employees working in London by the end of the year.