Visa has made a strategic investment in Swedish spend management platform Mynt as part of a broader partnership expansion across Europe. The move comes as part of Mynt’s €22 million Series B funding round, which values the Stockholm-based fintech at €175 million and brings its total funding to over €50 million since its 2018 founding. The investment strengthens an existing collaboration between the two companies that began in 2023, when Mynt first became a Visa partner serving Nordic small and medium businesses.
The partnership will see Mynt expand its operations beyond the Nordic region into the UK and other European markets, leveraging Visa’s extensive payment network. In a reciprocal arrangement, Mynt will become a reseller partner for Visa’s card products, while Visa will offer Mynt’s SaaS-based spend management solutions to its issuer partners. This dual approach creates new distribution channels for both companies in the competitive SMB financial services market.
Mynt has demonstrated strong growth in recent months, achieving profitability on a month-over-month basis last September while quadrupling its customer base from 3,000 to 12,000 SMBs over the past year. The company’s API-driven platform combines corporate cards with automated accounting integration, serving both direct business customers and enterprise clients like ERP providers, banks, and fleet management companies through white-label solutions.
Philip Konopik, Visa’s Regional Managing Director for Nordics & Baltics, highlighted the strategic value of the partnership. “This investment exemplifies the innovative fintech ecosystem in the Nordics,” he said. “By combining Visa’s global network with Mynt’s specialized technology, we can deliver superior financial tools to small and medium businesses across Europe.”
The deal reflects Visa’s broader strategy to strengthen its position in the B2B fintech space, where demand for digital financial tools among European SMBs continues to grow. Industry analysts project the spend management sector will expand by 12% annually through 2027, driven by increasing digitization of business financial operations.
Mynt CEO and co-founder Baltsar Sahlin emphasized how the Visa partnership will accelerate the company’s growth. “Having Visa as both an investor and distribution partner gives us powerful resources to scale our solutions more quickly across Europe,” Sahlin said. “This collaboration validates our approach to simplifying financial management for small and medium businesses.”
The investment follows similar moves by payment giants like Mastercard into the B2B fintech sector, as card networks increasingly seek to provide value-added services beyond traditional payment processing. For Mynt, the Visa partnership provides not just capital but critical market access as it looks to expand beyond its Nordic stronghold. The deal also gives Visa a stronger foothold in the growing spend management category, where specialized fintechs have been gaining market share from traditional banking providers.