Menna.ai has secured a £500,000 investment to launch the first small business finance assistant powered by generative AI.
A syndicate of 20 business angels invested £250,000, which was match-funded with an additional £250,000 from the Development Bank of Wales’ Wales Angel Co-investment Fund.
Founded in August 2023 by FinTech experts Nick Carlton and Dan Mines, Menna.ai combines generative AI with real-time data to help small business owners make better financial decisions.
Carlton, previously chief product officer for Confused.com and Coincover, and Mines, former chief information officer for Admiral Money and chief product officer for Yolt, bring vast industry experience to the startup.
Menna.ai, a member of FinTech Wales, offers real-time transaction alerts, financial forecasts, smart recommendations, savings and funding offers. It integrates with banking, eCommerce, EPOS and accounting platforms, and is free to use. The platform is set for a full launch in early 2025.
Based at Cardiff University’s Social Science Research Park (SPARK), Menna.ai will use the £500,000 investment to accelerate product development, recruit five tech specialists and prepare for market entry.
The platform will be marketed directly to small businesses and through partnerships with financial service providers across the UK.
“We created Menna because we believe every small business owner should have access to a finance manager,” said Carlton. “With 5.5 million small businesses in the UK, many owners struggle due to a lack of financial training or access to advice.”
Mines added: “Menna provides small business owners with the tools to make smarter financial decisions, whether it’s about recruitment affordability or capital expenditures.
“This funding will help us get Menna customer-ready as we scale from a Cardiff-based start-up to a UK-wide success, deeply rooted in Wales.”
Simon Bell, lead investor from Rebel Syndicate, commented: “Menna.ai is like having a finance director in your pocket, offering data-driven insights to help business owners manage their finances in one place.
“As a Welsh tech business committed to staying in Wales, it’s an attractive proposition, especially with match-funding from the Development Bank of Wales.”
£3.75bn data centre announced as government moves to protect ‘critical infrastructure’