Mynt raises $23m in Series B to expand Spend Management Solution in Europe

By Gloria Mathias

Mynt, a provider of corporate credit cards and spend management solutions, has announced a $23 million (€22 million) funding round led by Vor Capital, with participation from existing investors CNI, Incore, and others. The Series B round brings Mynt’s total funding to over $52.3 million (€50 million).

The fresh investment will help fuel Mynt’s next phase of growth, with plans to expand into the UK and other European markets, broaden its product offering, and capitalise on the growing demand for spend management among SMEs. Founded in 2018, Mynt is a spend management solution focusing on Nordic SMEs, offering corporate cards seamlessly integrated with accounting systems.

The global spend management software market is currently valued at $21 billion and is projected to grow at a compound annual growth rate (CAGR) of 11.8%, reaching $57 billion by 2032.

In its next phase of expansion, Mynt is scaling its spend management-as-a-service offering, the Mynt Platform, across the UK and Central Europe. This API-based embedded finance platform is designed for banks, ERPs, and fleet and mobility companies. Helping them enhance their spend-related product offerings for SME customers by integrating proactive spend management and corporate card issuing capabilities.

Baltsar Sahlin, Mynt CEO and Co-Founder shared, “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. We are humbled by the confidence that Vor, CNI, and Incore have placed in us and look forward to continuing to deliver embedded financial services across Europe and the UK.”

Peter Nichols, Partner at Vor Capital, 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 & 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.”