A Cardiff-based fintech, Menna, has secured a significant investment to enhance its AI platform.
- The company attracted £500,000 through a combination of angel investment and support from the Development Bank of Wales.
- The funding aims to propel Menna’s platform into the market, targeting small businesses for improved financial decision-making.
- Founders Nick Carlton and Dan Mines leverage their extensive industry experience to drive Menna’s growth.
- Menna is poised to launch its innovative product across the UK by early 2025.
Menna, a Cardiff fintech start-up, recently clinched a £500,000 investment as it prepares to commercialise its AI-driven financial platform for small businesses. The investment signifies a key milestone in the company’s trajectory, building on its mission to empower small firms with smarter financial management tools.
A syndicate of 20 business angels, headed by Simon Bell of the Rebel Syndicate, contributed £250,000, which was matched by the Development Bank of Wales through its Wales Angel Co-investment Fund. This dual investment underscores confidence in Menna’s innovative approach combining artificial intelligence with real-time financial data.
Founded in August of the previous year by Nick Carlton and Dan Mines, Menna seeks to assist small business owners by harnessing AI technology. Carlton, with his background as chief product officer at Confused.com and Coincover, and Mines, having served as chief information officer for Admiral Money, bring substantial expertise to the initiative.
Menna’s platform, Menna.ai, offers real-time transaction alerts and insights, providing forecasts, smart recommendations, and access to savings and funding offers. It connects seamlessly with banking, e-commerce, EPOS, and accounting software, offering a comprehensive digital finance solution.
The £500,000 infusion will expedite product development and the assembly of a skilled team of five tech specialists. Menna is on track for a full-scale launch in early 2025, aiming to market both directly to consumers and via partnerships with financial services providers across the UK.
Mr. Carlton emphasised the start-up’s objective: “Every small business owner should have access to a finance manager… that is why we created Menna.” This outlook addresses the financial skill gaps prevalent among the UK’s 5.5 million small businesses.
Mr. Mines highlighted Menna’s capacity as a digital assistant aiding in financial decision-making regarding recruitment, funding, and capital expenditures. He stated: “We have worked hard to build a proof of concept, integrate into the local ecosystem, and achieve investment readiness.“
Lead investor Simon Bell was impressed with Menna.ai’s potential to serve as a “finance director in your pocket,” praising the start-up’s Welsh roots and its appeal to investors drawn by the promise of match-funding and local economic contribution.
Tom Preene of Angels Invest Wales remarked on the significant opportunity Menna represents, particularly in the underrepresented small business finance market. The start-up is positioned at the forefront of the fintech industry in Wales, with a dynamic and experienced team pushing for rapid growth.
Menna’s successful funding round marks a pivotal step in transforming the fintech landscape for small businesses across the UK.
