Swedish spend management platform Mynt raises €22m in Series B funding

Swedish spend management solution fintech Mynt has closed a Series B funding round at €22 million as it eyes expansion across Europe and the UK.

London-based investment fund manager Vor Capital led the funding round, with participation from existing investors CNI, Incore and other investors that have not been disclosed.

The fundraising brings Mynt’s total raised to date to more than €50 million.

Mynt intends to use the injection of funding to accelerate the next phase of growth, which includes plans to expand into the UK and other European markets, broaden its product offering, and capitalise on demand for spend management among SMEs.

Specifically, Mynt is scaling its spend management-as-a-service offering, the ‘Mynt Platform’, which is an API-based embedded finance platform designed for banks, ERPs, and fleet and mobility companies, across the UK and Central Europe.

Mynt’s platform already has a foothold in the Nordic region, with partners such as Fortnox and Accountor rolling out card solutions to customers that run on Mynt Platform’s infrastructure.

Since its inception in 2018, Mynt has been focused on spend management solutions for Nordic SMEs, offering corporate cards integrated with accounting systems. Over the past 12 months, the business has grown its customer base from 3,000 to 12,000 SMEs.

Baltsar Sahlin, chief executive officer and co-founder of Mynt, said: “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 prioritise growth and reduce administrative costs.”

Sahlin added: “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.”

Fortune Business Insights has valued the global spend management software market at $21 billion and has forecast a a compound annual growth rate of 11.8%, to reach $57 billion by 2032.

Peter Nichols, partner at Vor Capital, who has sat on the board of Mynt since April 2023, said: “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 and fuel providers, Mynt Platform is positioning itself as a key player in the embedded finance industry.”