Visa has invested in Swedish spend management firm Mynt and expanded its reseller agreement across Europe.
Mynt, founded in Stockholm in 2018 and a Visa partner since 2023, focuses on Nordic small and medium-sized enterprises (SMEs) by providing corporate cards integrated with accounting systems. The partnership with Visa will help Mynt meet the growing demand for efficient spend management solutions among SMEs.
Philip Konopik, regional managing director for Visa Nordics & Baltics, expressed enthusiasm about the investment, stating, “We are thrilled to invest in Mynt as they continue to grow following several years of joint value-creating collaboration. This partnership exemplifies Nordic fintech innovation, where Visa is enhancing collaboration with Mynt to enable our clients and partners to deliver market-leading propositions and services to SMEs across Europe.”
This investment is part of Mynt’s €22 million Series B funding round, announced in December, which valued the company at €175 million and brings its total funding to over €50 million. Mynt has experienced steady growth in its direct-to-business model, achieving month-over-month profitability in September and increasing its customer base from 3,000 to 12,000 SMEs over the past year.
Mynt’s API-based embedded finance platform delivers end-to-end spend management and issuing infrastructure as a service to ERPs, banks, and fleet and fuel providers. The new investment will support Mynt’s next growth phase, including plans to expand into the UK and other European markets, broaden its product offerings, and capitalize on the rising demand for spend management among SMEs.
As part of this enhanced relationship with Visa, Mynt will act as a reseller partner for the card scheme, and in turn, Visa will offer Mynt’s SaaS product directly to issuers. Baltsar Sahlin, CEO and co-founder of Mynt, stated, “We are excited to welcome Visa as an investor and to become their reselling partner. This partnership will allow us to further scale our solutions across Europe and the UK.”