Visa has invested in Swedish spend management firm Mynt alongside an expanded reseller agreement across Europe.
Mynt, founded in Stockholm in 2018 and a Visa partner since 2023, currently focuses on Nordic SMEs, offering corporate cards integrated with accounting systems.
The partnership with Visa will enable Mynt to address the growing demand for efficient spend management among small and medium-sized businesses (SMBs).
Philip Konopik, regional managing director, Visa Nordics & Baltics, says: “We are thrilled to invest in Mynt as they continue to grow following several years of joint value-creating collaboration. Another great example of Nordic fintech innovation where Visa is deepening collaboration with Mynt, where our combined capabilities will enable our clients and partners to bring market leading propositions and services to Small and Medium sized Businesses across Europe.”
The investment is part of Mynt’s €22 million Series B funding round, which was first announced in December and valued the firm at €175 million. All told, it brings Mynt’s total funding to over €50 million.
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.
As part of the deepened relationship with Visa, Mynt will also become a reseller partner for the card scheme and, vice versa, Visa will will offer Mynt’s SaaS product directly to issuers.
Baltsar Sahlin, CEO and co-founder of Mynt, says: “We are excited to welcome Visa as an investor and to become their reselling partner. This partnership will allow us to further scale our solutions across Europe and the UK.”