Danish family-focused fintech start-up MyMonii closes down

Closure Announcement: Danish fintech start-up MyMonii, founded in 2015, has closed down after eight years in the market.
Company Focus: MyMonii operated a mobile app aimed at fostering healthy financial habits among families with children aged 7 to 18. The app featured tools for setting financial allowances, creating savings goals, making instant money transfers, and purchasing with a Visa-issued card.
Reason for Closure: CEO and founder Louise Ferslev stated that the decision to close was due to the unit economics not being sustainable when scaling the business. The costs of running and scaling MyMonii outweighed the revenue generated per family.
Acquisition: Despite the closure, MyMonii has been acquired by new, undisclosed owners. The plans for the future of MyMonii under the new ownership have not been revealed.
Closure Process: Ferslev emphasized that the closure was conducted in a controlled manner, ensuring proper notice and a smooth transition for customers.
Future Prospects: Ferslev expressed hope for MyMonii’s “second chance” under the new ownership, though specific details about the new direction remain unknown.