Stockholm-based fintech company Mynt has raised €22 million in a Series B funding round, bringing its total funding to over €50 million. The round was led by Vor Capital, with participation from existing investors CNI and Incore. Mynt provides corporate credit cards and spend management solutions tailored to SMEs, with a focus on integrating its services with accounting systems. The company plans to use the funds to expand its platform across the UK and Europe, where demand for spend management solutions is growing. Mynt’s technology offers AI-driven tools for expense management and flexible spending, and its Mynt Platform is designed to integrate with banks, ERPs, and fleet companies. The funding will help Mynt scale its services, particularly in the embedded finance sector, and support its ongoing growth in the Nordic region.
Founded in 2018, Mynt is a leading spend management solution focusing on Nordic SMEs, offering corporate cards seamlessly integrated with accounting systems. Over the past twelve months, Mynt has experienced significant growth in its direct-to-business model, reaching profitability on a month-over-month basis in September, while expanding its customer base from 3,000 to 12,000 SMEs during the past 12 months.
The global spend management software market is currently valued at $21 billion and is projected to grow at a compound annual growth rate (CAGR) of 11.8%, reaching $57 billion by 2032. Equipped with AI-driven tools for expense management, credit card issuance, and flexible spending solutions, Mynt is well-positioned to capitalise on this dynamic, fast-growing market.
In its next phase of expansion, Mynt is scaling its spend management-as-a-service offering, the Mynt Platform, across the UK and Central Europe. This API-based embedded finance platform is designed for banks, ERPs, and fleet and mobility companies. Helping them enhance their spend-related product offerings for SME customers by integrating proactive spend management and corporate card issuing capabilities. The platform has already gained significant traction across the Nordic region, with notable partners such as Fortnox and Accountor rolling out card solutions to customers that run on Mynt Platform’s infrastructure.
Baltsar Sahlin, Mynt CEO and Co-Founder says, “This round reflects the strength of Mynt’s partnership-based growth strategy. 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.”
Peter Nichols, Partner at Vor Capital, says, “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.”
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Read the orginal article: https://arcticstartup.com/mynt-raises-e22m-series-b/
