Stockholm-based fintech Mynt has closed a €22 million Series B funding round, propelling its valuation to approximately €175 million.
Led by London-based Vor Capital, with participation from existing investors CNI and Incore, the investment will fuel Mynt’s plans to expand its corporate spend management solutions across the UK and Europe, while broadening its product offering. This brings Mynt’s total funding to over €50 million.
“This round reflects the strength of Mynt’s partnership-based growth strategy,” said Baltsar Sahlin, CEO and co-founder of Mynt. “Together, our investors’ extensive network and our cutting-edge technology make for a powerful combination. We share a common belief that SMEs remain neglected by the traditional banking sector, and that by enhancing existing solutions with advanced tech, they can prioritise growth and reduce administrative costs. We are humbled by the confidence that Vor, CNI and Incore have placed in us and look forward to continue delivering best-in-class embedded financial services across Europe and the UK.”
Co-founded by Baltsar Sahlin, Johan Obermayer, and Magnus Wideberg in 2018, Mynt offers corporate credit cards and spend management solutions designed for SMEs. Seamlessly integrated with accounting systems, Mynt’s platform simplifies expense management and reduces administrative overhead for businesses.
Over the past year, the company has scaled rapidly, growing its customer base from 3,000 to 12,000 SMEs and achieving month-over-month profitability as of September 2024.
According to Mynt, the global spend management software market, currently valued at approximately €19 billion, is projected to grow to €54 million by 2032 at a compound annual growth rate (CAGR) of 11.8%.
Mynt is capitalising on this momentum with its API-based embedded finance platform, which allows banks, ERPs, and mobility companies to integrate spend management and corporate card issuing capabilities into their offerings. The platform has already gained traction in the Nordic region, with partners such as Fortnox and Accountor using Mynt’s infrastructure to enhance their services.
The funding will support Mynt’s expansion into the UK and Central Europe, as well as the continued development of its spend management-as-a-service offering.
Peter Nichols, Partner at Vor Capital: “As Mynt continues to extend its market leadership in Sweden and expand across the Nordic region, we are thrilled to support their growth. By offering its end-to-end spend management and issuing infrastructure as a service to leading ERPs, banks, and fleet & fuel providers, Mynt Platform is positioning itself as a key player in the embedded finance industry. We are proud to be part of this journey as the company continues to scale profitably.”
Read the orginal article: https://www.eu-startups.com/2024/12/mynt-bags-e22-million-in-funding-to-make-sme-spending-smarter-and-seamless/
