- Swedish fintech Mynt raises €22 million ($23 million) in Series B funding, valued at approximately €175 million ($210 million).
- The investment will support Mynt’s expansion across Europe and the UK, enhancing its spend management platform for SMEs.
What happened: Mynt’s expansion in fintech services
Swedish spend management fintech Mynt has successfully closed a €22 million ($23 million) Series B funding round, significantly increasing the company’s valuation to approximately €175 million. Led by Vor Capital with participation from existing investors CNI and Incore, the funds will be utilized to bolster Mynt’s expansion across Europe and the UK, broaden its product offerings, and meet the growing demand for spend management solutions among SMEs.
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Why it is important
This funding round is crucial as it positions Mynt to capitalize on the global spend management software market, which is currently valued at $21 billion and is projected to grow at a CAGR of 11.8%, reaching $57 billion by 2032. Mynt’s AI-driven tools for expense management, credit card issuance, and flexible spending solutions place the company well to leverage this expanding market. The investment will also support the scaling of Mynt’s spend management-as-a-service offering, the Mynt Platform, across the UK and Central Europe, providing an API-based embedded finance platform designed for banks, ERPs, and fleet and mobility companies. This development is significant for SMEs, as it offers them integrated solutions to enhance their financial operations and streamline administrative processes, ultimately supporting their growth and competitiveness in the market.
