Mynt, a leading provider of corporate credit cards and spend management solutions, announced a €22 million funding round at a significantly increased valuation of approximately €175 million, led by Vor Capital, with participation from existing investors CNI, Incore and others.
The Series B round brings Mynt’s total funding to over €50 million.
The fresh investment will help fuel Mynt’s next phase of growth, with plans to expand into the UK and other European markets, broaden its product offering, and capitalise on growing demand for spend management among SMEs.
UK and EU Expansion ahead
Founded in 2018, Mynt isspend management solution focusing on Nordic SMEs, offering corporate cards seamlessly integrated with accounting systems. Over the past twelve months, Mynt has experienced significant growth in its direct-to-business model, reaching profitability on a month-over-month basis in September, while expanding its customer base from 3,000 to 12,000 SMEs during the past 12 months.
In its next phase of expansion, Mynt is scaling its spend management-as-a-service offering, the Mynt Platform, across the UK and Central Europe. This API-based embedded finance platform is designed for banks, ERPs, and fleet and mobility companies. H
Baltsar Sahlin, Mynt CEO and Co-Founder:
“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.”
