Mynt, a Stockholm, Sweden-based provider of corporate credit cards and spend management solutions, raised €22M in Series B funding.
The round, which brought the total amount to $50M, was led by Vor Capital, with participation from existing investors CNI, Incore, and others.
The company intends to use the funds to accelerate 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.
Founded by Baltsar Sahlin, Johan Obermayer and Magnus Wideberg, Mynt provides a spend management solution focusing on Nordic SMEs, offering corporate cards seamlessly integrated with accounting systems.
Over the past twelve months, the company 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. The platform has already gained significant traction across the Nordic region, with notable partners such as Fortnox and Accountor rolling out card solutions to customers that run on its infrastructure.
FinSMEs
11/12/2024