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Financial technology company based in Stockholm Mynt raised €22 million in a Series B round, bringing its total funding to over €50 million. The round was led by Vor Capital, with participation from existing investors CNI and Incore. Mynt offers business credit cards and expense management solutions tailored to SMBs, with a focus on integrating its services with accounting systems. The company plans to use these funds to expand its platform in the UK and Europe, where there is growing demand for spend management solutions. Mynt’s technology offers AI-driven tools for expense management and flexible spending, and its Mynt platform is designed to integrate with banks, ERPs and fleet companies. The funding will help Mynt expand its services, particularly in the embedded finance sector, and support its continued growth in the Nordic region.
Founded in 2018, Mynt is a leading spend management solution focused on Nordic SMEs, offering corporate cards seamlessly integrated with accounting systems. Over the past twelve months, Mynt has seen significant growth in its direct-to-business model, reaching month-over-month profitability in September, while expanding its customer base from 3,000 to 12,000 SMEs over the past twelve months. of the last 12 months.
The global expense management software market is currently valued at $21 billion and is expected to grow at a compound annual growth rate (CAGR) of 11.8%, reaching $57 billion by 2032. Equipped with AI-powered tools for expense management, credit card issuance, and flexible spending solutions, Mynt is well-positioned to capitalize on this dynamic and rapidly growing market.
In its next phase of expansion, Mynt is expanding its expense management-as-a-service offering, the Mynt Platform, across the UK and Central Europe. This integrated API-based financial platform is designed for banks, ERPs, and fleet and mobility companies. Help them enhance their spend-related product offerings for SMB customers by integrating proactive spend management and corporate card issuance capabilities. The platform has already gained popularity in the Nordic region, with notable partners such as Fortnox and Accountor deploying card solutions for customers that run on Mynt Platform infrastructure.
Baltsar SahlinCEO and co-founder of Mynt said: “This cycle reflects the strength of Mynt’s partnership-based growth strategy. Together, our extensive network of investors and our cutting-edge technology form a powerful combination. We share the common belief that SMEs remain neglected by the traditional banking sector and that by enhancing existing solutions with cutting-edge technologies, they can prioritize growth and reduce administrative costs. We are humbled by the trust that Vor, CNI and Incore have placed in us and look forward to continuing to provide the best integrated financial services in Europe and the UK.
Peter Nicholspartner at Vor Capital, said: “As Mynt continues to extend its leadership in the Swedish market and expand into the Nordic region, we are excited to support their growth. By offering its end-to-end spend management and issuance infrastructure as a service to leading ERPs, banks, and fleet and fuel providers, Mynt Platform positions itself as a key player in the integrated finance industry. We are proud to be part of this journey as the company continues to grow profitably.
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