Mastercard announced its acquisition of Minna Technologies, a Swedish startup specializing in subscription management software, as part of its strategy to improve its offerings and increase its market share.

The deal’s financial details were not disclosed, but it is expected to improve Mastercard’s consumer services by allowing customers to manage their multiple subscription plans more easily.

Headquartered in Gothenburg, Sweden, Minna Technologies offers technology that allows users to manage subscription services directly through their banking apps, regardless of the payment method used.

The acquisition will integrate Minna’s solutions into Mastercard’s existing platform. Mastercard users will be able to view and manage all their subscriptions in one centralized hub—whether through their bank’s mobile app or a dedicated subscription management dashboard.

The acquisition comes as competition in the financial technology space heats up. Both Mastercard and its primary competitor, Visa, are rapidly expanding into areas beyond their traditional credit and debit card businesses. These new ventures include cybersecurity, fraud prevention, and subscription management services like those offered by Minna.

The move also aligns with Mastercard’s broader vision of becoming more than just a payment processor, as it diversifies into various digital services to meet evolving customer needs.

With the rise of subscription-based business models, managing multiple recurring payments has become a standard consumer challenge. Mastercard aims to simplify this experience, reducing friction for both customers and merchants and potentially driving more engagement and loyalty to its platform.

According to Juniper Research, global subscription numbers are predicted to rise from 6.8 billion in 2024 to 9.3 billion by 2028, making it increasingly important for consumers to manage and control subscriptions.

Mastercard believes that providing an efficient solution can improve the customer experience and prevent issues like unintentional payments for forgotten subscriptions.

This acquisition also builds on Mastercard’s recent moves to enhance its technological capabilities. In 2020, the company bought U.S. fintech firm Finicity, which specializes in enabling third parties to access consumers’ banking data for payments.

Additionally, Mastercard has committed to tokenizing all European cards by 2030 to make digital transactions even more seamless and secure.