Swedish fintechs team up to tackle the rising subscriptions management burden for consumers
Anyfin AB•May 25, 2022
25th of May 2022: Stockholm: As the cost-of-living rises, Swedish fintech company Anyfin, the smart finance app, partners with fellow Swedish fintech, Minna Technologies, to offer a best-in-class subscription management service for consumers. The tool named “Fixed Costs” will enable Anyfin’s users to easily track and follow their fixed costs and payments, while simultaneously enabling them to cancel subscription plans, helping them to better manage recurring expenses.
The average household has 10-12 subscriptions each and that number is going to at least 17 by 2025 with the global market for subscriptions currently valued at 650 billion and growing at 18% CAGR. The market is estimated to be valued at 1.5 trillion dollars by 2025 with Gartner predicting by 2023, 75% of all B2C businesses offer subscription services.
Swedish fintech company Anyfin empowers people to understand and improve their finances through services that allow the user to refinance their existing debts, save for a rainy day fund, or create a smart and easy overview of their everyday spending. In 2020, Anyfin launched their first subscription management tool, enabling users to get a clear overview of all their recurring subscriptions and costs, and today, they announced a partnership with Minna Technologies, moving from insights to action. Anyfin users will now be able to cancel their unwanted subscriptions easily, directly in the Anyfin app, with the help of Minna’s award-winning B2B2C, embedded subscriptions management technology.
Founded in 2016, Minna Technologies partners with global retail banks and fintechs, providing open banking technology to support customers in managing their rising number of recurring payments and subscriptions. Minna’s infrastructure empowers banking and fintech users from within their native banking environments, to identify, cancel and manage subscriptions with the click of a button. Today, roughly 20% of users cancel subscriptions through their banking app where this Minna feature is available and Minna supports over 20 million customers.
Alexander Engels, General Manager Nordics at Anyfin says: “At Anyfin we always strive to offer services that empower our users to understand and improve their finances. In recent years, monthly subscriptions have exploded, while rising inflation makes it more relevant than ever for households to actually review their monthly costs. Our subscription product offers you an overview of your monthly costs, and by integrating Minna’s technology in our app, you can also cut costs by canceling unwanted subscriptions frictionlessly directly in the app which is more relevant than ever.”
James Bryce-Lind, Head of Strategic Development at Minna notes: “We are committed to helping consumers fight the rising cost of living, one example of this is through our partnership with Anyfin. Combining Anyfin's ability to show customers rich spending insights and Minna's market-leading subscription management solution, we are enabling Anyfin customers to take action on these insights and take control of their spending behaviors. As part of Minna Technologies' long-term strategy to build solutions to help banks and other fintech players with subscription management, existing users of Minna’s B2C app will continue to be offered the opportunity to use the functionality via Anyfin - all to create more simplicity for consumers to manage their personal finances.”