Mynt – a leading provider of corporate credit cards and spend management solutions – announced a €22 million funding round at a significantly increased valuation of about €175 million, led by Vor Capital, with participation from existing investors CNI, Incore, and others. The Series B round brings Mynt’s total funding to over €50 million.
The new funding round will help fuel Mynt’s next growth phase, with plans to expand into the UK and other European markets, broaden its product offering, and capitalize on the growing demand for spend management among SMEs.
Launched in 2018, Mynt is a leading spend management solution focusing on Nordic SMEs, offering corporate cards seamlessly integrated with accounting systems. Over the past year, Mynt has experienced significant growth in its direct-to-business model, reaching profitability month-over-month in September while expanding its customer base from 3,000 to 12,000 SMEs during the past 12 months.
The global spend management software market is projected to grow rapidly. Built with AI-driven tools for expense management, credit card issuance, and flexible spending solutions, Mynt is well-positioned to capitalize on this dynamic, fast-growing market.
For its next expansion phase, Mynt is scaling its spend management-as-a-service offering, the Mynt Platform, across the UK and Central Europe. And this API-based embedded finance platform is designed for banks, ERPs, and fleet and mobility companies.
The company’s 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 Mynt Platform’s infrastructure.
Mynt was created in 2018 when three colleagues – Baltsar Sahlin, Johan Obermayer, and Magnus Wideberg – struggled to enter the week’s receipts into the archaic accounting system used by the company at which they both worked. Mynt helps businesses save time by providing innovative spend management solutions, accounting automation, and an attractive platform for larger partners such as banks, as well as accounting software to embed card and spend management.
Mynt will have expanded to all Nordic markets in 2025, catering to more than 12,000 SMEs and saving businesses countless hours by automating the least favorite task in business.
KEY QUOTES:
“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 prioritize growth and reduce administrative costs. We are humbled by the confidence that Vor, CNI, and Incore have placed in us and look forward to continue delivering best-in-class embedded financial services across Europe and the UK.”
- Baltsar Sahlin, Mynt CEO and Co-Founder
“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 fleet & fuel providers, Mynt Platform is positioning itself as a key player in the embedded finance industry. We are proud to be part of this journey as the company continues to scale profitably.”
- Peter Nichols, Partner at Vor Capital
