Danish family-focused fintech start-up MyMonii closes down
Danish fintech start-up MyMonii has closed down and has been acquired by new owners, bringing to an end its eight-year stint on the market.
Danish fintech start-up MyMonii closes
Founded in 2015, the Copenhagen-based fintech operated a mobile app designed to cultivate healthy financial habits among families with children aged between 7 and 18.
The app enabled users to set up financial allowances, create savings goals, send instant money transfers, and make purchases through a Visa-issued card programme.
Writing on LinkedIn, CEO and founder Louise Ferslev says: “Earlier this year, we made the difficult decision to close down our beloved start-up, MyMonii, after eight incredible years of building and striving to make it a profitable business.
“It was a decision that was not easy to make. Building a business and making it succeed is extremely complex and hard. And even though there are many things that we did succeed with, it is not always enough.
“We ensured that the closure was executed in a controlled manner, providing our customers with the right notice and a smooth exit from our platform.”
Fersley cites “unit economics” as the primary reason behind the decision to close, explaining that this aspect “never came together in the case when we scaled the business”.
“It was too expensive to run and scale MyMonii compared to what we could get in revenue per family,” she writes. “In the end we could make MyMonii go break even – but with a way too small team to grow further. So – we could not see a way to get profitable in the future.”
According to Ferslev’s statement, MyMonii has now been provided with a “second chance” through its acquisition by “new owners”. The identity of the new owners and their plans for MyMonii have yet to be disclosed.
