Swedish fintech company Mynt has successfully closed a €22 million Series B funding round, elevating its valuation to approximately €175 million. The round was led by Vor Capital, with significant participation from existing investors, including CNI and Incore.
Established in 2018, Mynt specialises in providing corporate credit cards and spend management solutions, primarily serving small and medium-sized enterprises (SMEs) in the Nordic region. The company’s offerings are distinguished by seamless integration with accounting systems, facilitating efficient financial operations for businesses. Over the past year, Mynt has expanded its customer base from 3,000 to 12,000 SMEs and achieved month-over-month profitability as of September.
The newly secured investment is earmarked for Mynt’s strategic expansion into the United Kingdom and other European markets. Additionally, the company plans to enhance its product suite to meet the growing demand for comprehensive spend management solutions among SMEs. A key component of this strategy is the scaling of the Mynt Platform, an API-based embedded finance solution designed for integration with banks, enterprise resource planning systems, and fleet and mobility companies. This platform enables partners to augment their offerings with advanced spend management and corporate card issuing capabilities.
The global spend management software market is currently valued at $21 billion and is projected to grow at a compound annual growth rate 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.
Baltsar Sahlin, CEO and co-founder of Mynt, expressed gratitude for the continued support from investors and confidence in the company’s vision. He emphasised the importance of the partnership-based growth strategy, stating, “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.”
Co-founder and Chief Product Officer Johan Max Obermayer highlighted the significance of the funding in advancing Mynt’s mission to revolutionise spend management and embedded finance. He noted that the company’s dual approach—offering both a direct brand and an API-based embedded finance platform—is yielding substantial benefits. Obermayer added, “The technology supporting this just keeps getting cooler as we launch new features, and it’s immediately available to our partners.”
This funding round brings Mynt’s total capital raised to over €50 million, underscoring the company’s robust growth trajectory and its commitment to delivering innovative financial solutions to SMEs across Europe.
