Menna, a Cardiff-based fintech start-up, has secured a £500,000 equity investment to advance its AI platform.
The funding aims to commercialise Menna’s technology, enabling small firms to optimise financial decisions.
Equity Investment Secures Future
A Cardiff-based fintech start-up, Menna, has received a significant boost through a £500,000 equity investment. This crucial funding is designed to support the commercialisation of Menna’s innovative AI platform aimed at enhancing small businesses’ financial decision-making capabilities. The investment was spearheaded by a syndicate of business angels, led by Simon Bell, contributing £250,000, which was matched by the Development Bank of Wales.
The firm was established in August of the previous year by Nick Carlton and Dan Mines, aiming to offer solutions leveraging generative AI combined with real-time data. Menna’s platform offers an array of features including real-time transaction alerts, analytics, forecasts, and recommendations, specifically tailored for small business owners.
Strong Foundational Leadership
Nick Carlton and Dan Mines, both experienced professionals, are the driving forces behind Menna. Carlton, with a background at Confused.com and Coincover, and Mines, previously at Admiral Money and Yolt, bring a wealth of expertise. Their combined experience has been pivotal in developing Menna’s robust AI platform, allowing small businesses to access vital financial insights and streamline operations.
Menna.ai connects seamlessly with various platforms like banking, e-commerce, and EPOS systems, making it an efficient tool for small businesses to manage accounts and financial data. This connectivity is part of Menna’s strategy to make financial management accessible and straightforward.
Technological Advancements and Market Strategy
The investment will be utilised to finetune Menna’s product offerings, estimated to be market-ready by early 2025.
Menna plans to broaden its reach by introducing its AI platform directly to consumers and through partnerships with financial service providers across the United Kingdom. This dual approach is expected to enhance the brand’s visibility and adoption rate, crucial for start-ups aiming for rapid growth.
Recruitment of tech specialists is part of their strategic plan. By expanding the team, Menna aims to enhance its technical capabilities and ensure the platform meets market needs.
The start-up is poised for success, aiming to transform from a local operation in Cardiff to a UK-wide fintech contender, rooted deeply in Welsh innovation and enterprise.
Investment and Local Economic Impact
The £500,000 investment, which includes match funding, is instrumental for Menna’s growth. This financial backing not only accelerates product development but also reinforces Menna’s commitment to local economic development.
Menna is positioned at Cardiff University Social Science Research Park (SPARK), fostering a collaborative environment within the local tech ecosystem. This strategic location supports their ambition to scale operations and contribute to the Welsh economy by creating jobs and driving innovation.
The founders aim to create a success story, firmly anchored in Wales, delivering value back to the region and beyond.
Vision for Small Business Empowerment
Menna’s mission is to empower the 5.5 million small businesses in the UK. The platform acts as a digital finance assistant, providing insights from recruitment affordability to capital expenditures.
According to Carlton, “Every small business owner should have access to a finance manager,” which is the core motivation behind Menna’s development.
The demand for such fintech solutions highlights a significant market opportunity, as Menna positions itself to fill a gap left by traditional financial services.
Investors’ Perspective
Lead investor Simon Bell commends Menna.ai as “a finance director in your pocket”, highlighting the platform’s promise to provide clear, data-driven insights for business owners.
The collaboration with the Development Bank of Wales significantly enhanced the investment appeal, demonstrating confidence in Menna’s potential for growth and innovation.
Tom Preene from Angels Invest Wales emphasised Menna’s rapid emergence in the fintech landscape, driven by its experienced leadership and ambitious market targets.
Looking Ahead
Menna’s trajectory is set towards a full-scale launch, aiming to scale its offerings across the UK by utilising the fresh investment to drive further development and strategic partnerships.
Menna’s investment marks a pivotal moment, enabling the development and scaling of its AI platform.
The start-up’s vision aligns with market demands, promising transformation for small businesses across the UK.
