Mynt, a provider of corporate credit cards and spend management software, has secured a substantial €22m in a Series B funding round.
According to Tech EU, the round, spearheaded by Vor Capital, also saw participation from existing investors CNI, Incore, and others. This latest financial boost pushes Mynt’s total funding to over €50m, valuing the company at approximately €175m.
Mynt is a significant player in the FinTech industry, primarily serving Nordic SMEs with its innovative corporate card solutions integrated directly with accounting systems. The company has demonstrated a robust growth trajectory, achieving month-over-month profitability since September, and expanding its customer base from 3,000 to 12,000 SMEs over the past year.
The newly acquired funds will be strategically used to further Mynt’s expansion into the UK and other European markets. Additionally, Mynt aims to broaden its product offering and respond to the increasing demand for spend management solutions among SMEs. The next phase for Mynt involves scaling its Mynt Platform, a spend management-as-a-service offering, across the UK and Central Europe. This platform is tailored for banks, ERPs, and fleet and mobility companies, providing them with proactive spend management and corporate card issuing capabilities.
With successful partnerships already in place with notable entities like Fortnox and Accountor, who are rolling out card solutions to their customers, Mynt is set to replicate its success in Central European markets.
Mynt’s CEO and Co-Founder, Baltsar Sahlin, expressed enthusiasm about the funding round. “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,” Sahlin said. “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, also commented on the investment: “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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