Mynt Closes €22 Million Funding Round To Boost Market Presence

Mynt, a spend management fintech in Sweden, has secured €22 million in Series B funding at a much higher valuation of around €175 million.  The Series B round, headed by Vor Capital, with support from existing investors like Incore and CNI, raises Mynt’s total funding to more than €50 million.

The company was founded in 2018 and focuses on helping Nordic small and medium businesses (SMEs). It gives them corporate cards that work together with accounting systems.

In the last twelve months, Mynt has grown steadily with its direct-to-business approach. In September, it became profitable month by month, while its customer base grew from 3,000 to 12,000 SMEs during the last year.

Mynt Aims To Meet The Rising Demand For Spend Management Among SMEs

Mynt’s finance platform, which uses APIs, also provides complete spend management and issuing tools to banks, ERPs, and fleet & fuel providers.

The new funds will push Mynt’s next stage of growth. It plans to move into the UK and other European markets, add more products, and meet the rising need for spend management in SMEs. Mynt already works with Accountor and Fortnox who use its card solutions. The company hopes to repeat this success in central European markets.

Baltsar Sahlin, the co-founder and Chief Executive Officer of Mynt noted that this round shows the strength of Mynt’s partnership-driven growth.

The company’s investors bring a strong network, and its advanced technology helps the team work well together. He added that the team believes SMEs often get ignored by traditional banks, and with advanced tech, they can grow better and lower their admin costs.

Sahlin further stressed that the firm is grateful for the trust from CNI, Vor, and Incore, and the team looks forward to giving top-class embedded financial tools across Europe and the UK.

Mynt’s Platform Is Becoming An Important Player In Embedded Finance

Peter Nichols, Partner at Vor Capital, gave his opinion regarding the partnership. He said as Mynt keeps growing in Sweden and spreads across the Nordics, the team is happy to support Mynt’s journey.

By offering spend management and issuing tools as a service to major banks, fleet & fuel providers, and ERPs, Mynt Platform is becoming an important figure in embedded finance. He added that the firm is proud to be joining this journey as Mynt grows profitably.

Mynt faces strong competition in its region and beyond.  Denmark-based Pleo also focuses on expense management for SMEs. It was previously valued at $4.7 billion after raising $200 million in 2021. However, its valuation might have changed since it recently raised $42 million in debt for its credit products.

Fortnox, which creates financial solutions for small and medium businesses and is listed on the stock market has a valuation close to $4 billion. Interestingly, it partners with Mynt for corporate card services.