Swedish fintech startup, Mynt, has raised €22 million ($23 million) in a new funding round, valuing the company at approximately €200 million ($210 million). The round was led by London-based Vor Capital, with participation from previous backers CNI and Incore.
The new round of funding brings Mynt’s total funding to around €50 million.
Mynt, which offers AI-driven corporate cards and expense management solutions for small and medium-sized enterprises (SMEs), has grown its customer base from 3,000 to 12,000 SMEs in the past year.
Despite initially being focused on the Nordic market, the company plans to expand into the U.K. and other European markets with the new funding.
Founded in 2018 by Baltsar Sahlin, Johan Obermayer, and Magnus Wideberg, Mynt aims to simplify expense management by providing features like automated receipt matching, virtual cards, individual spending limits, and integration with major accounting systems. Its platform also includes an embedded finance API, allowing integration with third-party services like enterprise resource planning (ERP) systems and banks.
Mynt’s main competitor in the Nordic region is Denmark-based Pleo, valued at $4.7 billion, while in the U.S., companies like Brex and Ramp lead the market.
Philips Babatunde