Sweden’s Mynt plots UK expansion with €22m Series B
Stockholm-based fintech Mynt has raised €22 million in Series B funding with plans to scale its corporate card and spend management solutions across Europe.
Mynt raises €22m Series B
The raise was led by the UK’s Vor Capital, and valued Mynt at approximately €175 million. Existing investors CNI and Incore, among others, supported the round.
With now over €50 million in total funding, the fintech says it plans to use its latest investment to trigger its “next phase of growth”.
According to its statement, this includes plans to expand to “all Nordic markets in 2025”, as well as the UK “and other European markets”, all while broadening its product offering.
Launched in 2018 by Johan Obermayer, Magnus Wideberg and CEO Baltsar Sahlin, Mynt offers corporate credit cards for Nordic SMEs through its primary partner Visa.
In addition to spend management and accounting automation tools, the fintech also integrates with larger partners, such as banks and fleet companies, through its API-based spend management-as-a-service platform.
Now serving around 12,000 SMEs, Mynt claims to have reached profitability on a month-over-month basis in September, with its direct-to-business model experiencing “significant growth” this year.
“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,” comments Sahlin.
