Swedish fintech Mynt has successfully closed a €22 million Series B funding round, boosting its valuation to approximately €175 million. The round, led by Vor Capital, included participation from existing investors CNI, Incore, and others, bringing Mynt’s total funding to over €50 million.
Since its founding in 2018, Mynt has focused on serving Nordic small and medium-sized enterprises (SMEs) with a platform offering corporate cards integrated with accounting systems.
Over the past year, Mynt has:
- Grown its customer base from 3,000 to 12,000 SMEs.
- Achieved month-over-month profitability as of September.
- Expanded its platform to include API-based embedded finance solutions for ERPs, banks, and fleet & fuel providers.
The latest investment will fund Mynt’s expansion into the UK and other European markets, as well as further enhancements to its product suite. CEO and co-founder Baltsar Sahlin explains:
“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.”
Sahlin highlights the company’s vision of addressing the underserved SME market by enhancing existing financial solutions with advanced technologies, enabling growth and reducing administrative costs for businesses.
In addition to serving SMEs directly, Mynt provides an end-to-end spend management infrastructure that integrates seamlessly with accounting platforms, banks, and other service providers, further embedding its technology into the financial ecosystem.
With the spend management sector growing rapidly, Mynt is well-positioned to lead innovation and support SMEs across Europe in streamlining their financial operations.