Stockholm, Sweden, 11 December, 2024 - Mynt, a leading provider of corporate credit cards and spend management solutions, today announced a €22 million funding round at a significantly increased valuation of approximately €175 million, led by Vor Capital, with participation from existing investors CNI, Incore and others. The Series B round brings Mynt’s total funding to over €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 growing demand for spend management among SMEs. Founded in 2018, Mynt is a leading spend management solution focusing on Nordic SMEs, offering corporate cards seamlessly integrated with accounting systems. Over the past twelve months, Mynt has experienced significant growth in its direct-to-business model, reaching profitability on a month-over-month basis in September, while expanding its customer base from 3,000 to 12,000 SMEs during the past 12 months.
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. Equipped with AI-driven tools for expense management, credit card issuance, and flexible spending solutions, Mynt is well-positioned to capitalise on this dynamic, fast-growing market.
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. The platform has already gained significant traction across the Nordic region, with notable partners such as Fortnox and Accountor rolling out card solutions to customers that run on Mynt Platform’s infrastructure.
Baltsar Sahlin, Mynt CEO and Co-Founder“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 continue delivering best-in-class embedded financial services across Europe and the UK.”
Peter Nichols, Partner at Vor Capital:"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.”
About Mynt
Mynt was created in 2018 when three colleagues - Baltsar Sahlin, Johan Obermayer and Magnus Wideberg – found themselves struggling with entering the week’s receipts into the antiquated accounting system used by the company at which they then worked. Mynt helps businesses save time by offering innovative spend management solutions and accounting automation as well as an attractive platform for larger partners such as banks and accounting softwares to embed card and spend management. Mynt will have expanded to all Nordic markets in 2025, catering to more than 12,000 SMEs and saving businesses countless hours by automating what is possibly the least favourite task in business.
About Vor Capital
Vor Capital LLP (“Vor”) is a London-based investment fund manager focused on investments within the internet, software and fintech sectors, across both private and public markets. Peter Nichols, Partner at Vor, has sat on the Board of Mynt since April 2023.
