Stockholm-based fintech leader Mynt, specialising in corporate credit cards and spend management solutions, has raised €22 million in Series B funding at a €175 million valuation. The round was led by Vor Capital, with participation from existing investors, including CNI and Incore. This brings Mynt’s total funding to over €50 million.
The fresh capital will fuel Mynt’s platform expansion across Europe and the UK, broaden its product offerings, and capitalise on SMEs’ growing demand for spend management.
Mynt: the all-in-one solution for expenses and receipts
Founded in 2018 by Baltsar Sahlin, Johan Max Obermayer, and Magnus Wideberg, Mynt addresses the administrative challenges businesses face when managing finances.
Speaking to TFN, Baltsar Sahlin, CEO and co-founder of Mynt, explains the issue: “SMEs in Europe spend a significant amount of time managing financial administrative tasks such as handling expenses and receipts. Mynt is dedicated to solving this pain point by automating these processes, allowing entrepreneurs to focus on growing their businesses rather than wasting valuable time and resources.”
Mynt’s mission revolves around providing innovative financial solutions that empower businesses to manage expenses efficiently and access flexible financing. Sahlin continues: “Mynt simplifies expense management through smart corporate cards seamlessly integrated with users’ bookkeeping systems. Users can easily manage receipts by photographing physical copies, sending them directly to Mynt via email, or using drag-and-drop functionality. The system automatically matches transactions with the correct receipts, saving time and reducing errors.”
Over the past twelve months, Mynt has experienced significant growth in its direct-to-business model. In September, it reached profitability month-over-month while expanding its customer base from 3,000 to 12,000 SMEs.
Behind Mynt: AI-driven tools for expense management, credit card issuance, and flexible spending solutions
While many players in the European market provide corporate cards and spend management solutions, Mynt stands apart with its strong foundation in the Nordics and partner-first growth strategy.
The platform features AI-driven tools for expense management, credit card issuance, and flexible spending solutions. For instance, all receipts used for out-of-pocket expenses are scanned using AI, automatically extracting and populating the necessary information for a complete expense report.
“Besides its direct-to-business presence in the Nordics, Mynt has developed a robust partnership platform called ‘Mynt Platform’. This solution extends the full suite of Mynt’s features via white-label offerings or APIs, enabling seamless integration into partners’ existing systems,” noted Sahlin.
This API-based embedded finance platform is designed for banks, ERPs, and fleet and mobility companies. Sahlin emphasises: “For smaller businesses, consolidating tools into one system is highly appealing. ‘Mynt Platform’ empowers major partners, such as accounting systems, ERPs, and banks, to incorporate all of Mynt’s functionality into their services under their brand. This includes branded corporate cards, automated receipt management, credit handling, KYC processes, and more, making it easy for partners to enhance their offerings and provide additional value to their customers.”
Investors optimistic about the future
Whether offered as a standalone solution or integrated into existing systems, spending management will become as essential to businesses as having a bank account or an accounting system.
Peter Nichols, Partner at Vor Capital, concludes: “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 feet amp; fuel providers, Mynt Platform is positioning itself as a key player in the embedded finance industry.”
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