Mynt, a spend management solution focused on Nordic small- to medium-sized businesses (SMBs), raised 22 million euros (about $23 million) in a Series B funding round.
It will use the capital to fuel its next phase of growth and its planned expansion into the United Kingdom and other European markets, according to a Wednesday (Dec. 11) press release.
The round brings the company’s total funding to over 50 million euros and its valuation to about 175 million euros, per the release.
“We share a common belief that [SMBs] remain neglected by the traditional banking sector and that by enhancing existing solutions with advanced tech, they can prioritize growth and reduce administrative costs,” Mynt CEO and co-founder Baltsar Sahlin said in the release.
Mynt’s spend management solution offers corporate credit cards integrated with accounting systems and enterprise resource planning (ERP) systems, according to the release. It includes artificial intelligence-driven tools for expense management, credit card issuance and flexible spending solutions.
The company sees a growing demand for spend management among SMBs and has increased its customer base fourfold to 12,000 SMBs over the last 12 months, per the release.
Mynt also supplies a spend-management-as-a-service offering called the Mynt Platform that is designed to help banks, ERPs, and fleet and mobility companies enhance their product offerings for SMBs, according to the release.
The company’s latest funding round was led by Vor Capital, per the release.
“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,” Vor Capital Partner Peter Nichols said in the release.
Mynt partnered with Visa in February to expand the adoption of Mynt’s embedded card solution in Europe.
Mynt said at the time that its solution had been integrated into some of the largest ERPs in the Nordics and that it will use Visa’s payment network to offer card-issuing services.
Philip Konopik, regional managing director at Visa in the Nordics and Baltics, said in a Feb. 14 press release: “Our open approach means Visa clients can take advantage of not only our leading technology and security standards but also access best-in-class innovation from Visa Partners like Mynt.”
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