Cardiff-based fintech startup, Menna, has gained significant attention by securing a £500,000 equity investment.
- The investment will support Menna in commercializing its AI platform tailored for small businesses.
- Menna’s funding comprises £250,000 from a group of angels, supplemented by the Development Bank of Wales.
- Menna aims to revolutionize financial decision-making for small businesses with its innovative AI platform.
- The company plans to accelerate product development and expand its team for a full market launch in early 2025.
Cardiff’s fintech startup Menna has successfully secured a £500,000 equity investment, a significant boost for its innovative AI platform. This funding is pivotal as Menna plans to commercialize its platform, designed to empower small businesses with smarter financial decision-making tools.
The secured funding comprises a £250,000 contribution from a syndicate of 20 business angels, led by Simon Bell, and an additional £250,000 through the Wales Angel Co-investment Fund managed by the Development Bank of Wales. This strong financial backing highlights the confidence investors have in Menna’s potential to revolutionize financial management for small business owners.
Founded in August of the preceding year by experienced entrepreneurs Nick Carlton and Dan Mines, Menna offers a powerful generative AI platform. This platform integrates real-time data to deliver transaction alerts, financial forecasts, insights, savings recommendations, and more, providing invaluable assistance to small business owners who often lack formal financial training.
Menna’s services are free and compatible with various banking, e-commerce, EPOS, and accounting software, making it accessible and easy to integrate for small businesses. The investment will also aid in recruiting five technology specialists and preparing for a thorough market launch expected in early 2025.
With ambitions to market directly to customers and through partnerships with financial service providers across the UK, Menna is poised to significantly impact the financial technology landscape. It is grounded in Cardiff University’s Social Science Research Park, offering a strong foundation for its development and strategic growth plans.
Co-founders Carlton and Mines emphasize the ambition of Menna to provide every small business access to finance management tools. Carlton highlighted the current gap in financial expertise among small business owners, while Mines pointed out Menna’s role as a digital assistant aiding key financial decisions for recruitment, funding, and capital expenditures.
Simon Bell of Rebel Syndicate, the leading investor in Menna, describes Menna.ai as a transformative tool, likening it to having a finance director in one’s pocket. The synergy between technology and local business with investor support establishes Menna’s forward-thinking approach and its commitment to maintaining its operations in Wales.
Menna’s substantial investment marks a promising step forward in transforming financial decision-making for small businesses throughout the UK.
