Swedish spend management fintech Mynt has successfully raised €22 million in a Series B funding round, significantly increasing its valuation to approximately €175 million.
The Series B round was led by Vor Capital, with participation from existing investors including CNI and Incore, bringing Mynt’s total funding to over €50 million.
Founded in 2018, Mynt specializes in serving Nordic SMEs by providing corporate cards that are integrated with accounting systems. In the past year, the company has seen consistent growth in its direct-to-business model, achieving month-over-month profitability as of September, and expanding its customer base from 3,000 to 12,000 SMEs.
Mynt’s API-based embedded finance platform offers comprehensive spend management and issuing infrastructure as a service to ERPs, banks, and fleet and fuel providers.
The new investment will support Mynt in its next growth phase, which includes plans for expansion into the UK and other European markets, enhancing its product offerings, and tapping into the increasing demand for spend management solutions among SMEs.
Baltsar Sahlin, CEO and co-founder of Mynt, commented, “This round reflects the strength of Mynt’s partnership-based growth strategy. Together, our investors’ extensive network and our cutting-edge technology create a powerful combination. We believe that SMEs are often overlooked by the traditional banking sector, and by enhancing existing solutions with advanced technology, we can help them prioritize growth and reduce administrative costs.”