Capital One Unveils Subscription Management Tools with Minna TechnologiesIn a bid to enhance digital experiences for customers, an online banking company, Capital One, has partnered with Minna Technologies to offer subscription management tools directly within its mobile banking app.
This development makes Capital One the first major U.S. credit card issuer to provide such features to users.
This marks a significant step in improving customer control over their financial subscriptions.
The collaboration enables Capital One credit card users to view, manage, and control their subscriptions to various merchants, including major publishing and retail brands, without additional fees.
These tools are aimed at simplifying the subscription management process for customers by providing a centralized hub for tracking recurring payments.
Commenting on the partnership, a Capital One spokesperson stated,
“We are committed to providing our customers with the best digital banking experience. This collaboration with Minna Technologies will empower users to take full control of their subscriptions, providing both convenience and transparency.”
Minna Technologies, an embedded financial tech firm, specializes in helping clients manage their recurring subscriptions within a single platform.
This integration will thus, allow Capital One users to pause, adjust, or cancel subscriptions seamlessly from their app.
He added that by consolidating these tools in the banking app, Capital One is expected to not only enhance customer satisfaction but also reduce operational costs for merchants and issuers.
“We are excited to collaborate with Capital One to bring subscription management into the hands of more users. This partnership ensures that both banks and merchants can offer streamlined services to their customers, keeping them engaged and protected,” he said.
With the surge in subscription-based services and increasing regulatory focus on user rights, both companies emphasize the importance of secure, efficient, and transparent management of subscriptions.
The newly developed tools are designed to provide financial clarity and security, making it easier for customers to manage their spending with confidence.
“The subscription economy is growing rapidly, and we want to ensure that our customers have a secure, efficient way to manage their payments,” he added.
What to know about Capital One
Capital One Financial Corporation is an online banking app that offers banking services, including checking accounts, saving accounts, and money market accounts through its branches and direct bank as well as retail and auto loans.
It was founded in 1994, headquartered in Tysons, Virginia with operations primarily in the United States and has continuously embraced technological innovation to stay afloat in the banking industry.
According to Wikipedia, it is the 12th largest bank in the United States by total assets as of December 31, 2022, the third largest issuer of Visa and Mastercard credit cards, and one of the largest car finance companies in the United States.
It provides financial products and services in the United States, Canada, and the United Kingdom through its Credit Card, Consumer Banking and Commercial Banking segments.
According to Wikipedia, Capital One’s annual revenue as at 2023 increased to US$36.787 billion.
What to know about Minna Technologies
Minna Technologies, based in Gothenburg, Sweden, is a financial technology company that has been at the forefront of subscription management solutions since its inception in 2016.
It was recently acquired by Mastercard, on October 1st, 2024.
This acquisition shows Minna’s strength and rapid growth in powering the global subscription economy, partnering with top-tier banks, fintechs and subscription businesses.
Minna offers embedded subscription management technology that integrates directly into financial institutions’ digital banking platforms.
The company has established itself as a trusted partner for banks and fintech companies across Europe and other regions, helping millions of customers manage their subscriptions in a more transparent and efficient manner.
Minna’s mission is to empower customers by simplifying how they control their recurring expenses.
Through its platform, users can pause, switch, or cancel services such as streaming, gym memberships, and more, making it easier for them to avoid unnecessary charges and stay on top of their finances.
According to Dealroom.co, Minna’s annual revenue as at January 2021 estimated to $68—102m.
