Danish family finance app MyMonii shuts up shop

Editorial

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Targeting families with kids/teens aged 7-18 years, the Danish fintech offered a parental-controlled Visa credit card and app for setting savings goals.

Founder Louise Ferslev says the company’s failure after eight years in business came down to unit economics as the firm tried to scale the business.

“It was too expensive to run and scale MyMonii compared to what we could get in revenue per family. 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.

“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.”

She says the firm now has new owners who may give the company a “second chance” of success.

MyMonii’s downfall adds to a growing litany of smaller fintech startups that have failed to make profitable headway during an ongoing funding drought.