Mynt funding news – Stockholm-based Mynt has raised €22Million in Funding

Purpose of fund raising

With this new funding, it plans to expand into the UK and other European markets, offer more products, and meet the growing demand for spend management among small and medium-sized businesses (SMEs).

It's customer base mainly consists of small and medium-sized businesses (SMEs) from the Nordic region, to which it offers corporate cards connected to accounting systems. In September, it became profitable and grew its customer base from 3,000 to 12,000 SMEs over the past year.

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Mynt plans

Next, it plans to expand its spend management service, the Mynt Platform, into the UK and Central Europe. This platform helps banks, ERPs, and fleet companies manage spending and issue corporate cards.

With current partners like Fortnox and Accountor offering card solutions to their customers, it hopes to achieve similar success in Central Europe.

CEO and Co-Founder Baltsar Sahlin commented : “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. 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, added: “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.”

About Mynt

Mynt provides a corporate credit card and spend management solution that gives you full control over your team's spending in real time. After each transaction, receipts are automatically sent to accounting once approved.