Swedish spend management fintech Mynt has raised a €22 million Series B funding round at a significantly increased valuation of approximately €175 million.
The Series B round, led by Vor Capital, with participation from existing investors CNI, Incore and others, brings Mynt’s total funding to over €50 million.
Founded in 2018, Mynt currently focuses on Nordic SMEs, offering corporate cards integrated with accounting systems.
Over the past twelve months, the firm has experienced steady 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.
Mynt's API-based embedded finance platform also offers end-to-end spend management and issuing infrastructure as a service to ERPs, banks, and fleet & fuel providers.
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.
Baltsar Sahlin, Mynt CEO and co-founder, says: “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.”