Banking Solution from Subaio Outshines Competition and Wins €4M from Global PayTech Ventures
MIAMI, March 4, 2021 /PRNewswire/ -- Born out of a Danish 'hackathon' in 2016, Subaio offers banks a superior subscription management technology that solves two massive problems at once — the service provides banking customers the ability to cancel unwanted subscriptions, and it does so without taking bank customers away from the bank's user interface.
"We are very excited to offer banks the most user-friendly and only fully white labelled subscription management service that also keeps customers within the bank's user platform," said Thomas Laursen, Subaio's CEO and Co-Founder.
Banks may risk data breaches and losing customers via third party vendors. "When a technology provider takes a bank customer out of the banking app to perform a service, this is not an optimal or 'user-friendly' experience," Laursen added. "We carefully created the best subscription management solution for banks and their customers. Subaio's technology is so robust that we've identified use cases beyond the financial sector."
With 98.7% accuracy, Subaio's 'secret sauce' lies in its use of machine learning and advanced algorithms to generate subscription recognition and automation capabilities.
Already Trusted by Major Banks and a PayTech Pioneer
Eight banks in different markets have already partnered with Subaio. Javier Perez, Managing Partner of Global PayTech Ventures and ex Mastercard President, is providing Subaio with €4M in Series A funding.
"Banks are under tremendous pressure to offer a good service," said Perez. "GPT is investing in Subaio because they provide a unique service that's differentiated, safe, secure, user-friendly and adds huge distinction to a bank's value proposition. Subaio's solution is the first to combine machine learning with a human touch."
"The average consumer has between 8-11 subscriptions and the numbers have increased during COVID-19. Sometimes, banks are advising clients to simply cut up their cards and replace them with new ones to cancel a subscription, which is an expensive exercise costing 20-50 euros per contact. Instead, we offer the cancellation button to unsubscribe as a white label solution to the paytech industry," said Laursen.
The funding from GPT will be earmarked to penetrate new European markets, scale-up staff by 100% over the next 12-24 months and develop new features to bring the software solution to the next level.
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