Mynt Secures $23M Funding to Transform SME Expense Management
Swedish fintech startup Mynt has raised €22 million ($23 million) in its latest funding round, catapulting its valuation to €200 million ($210 million). The investment, led by existing backer Vor Capital, underscores the growing demand for smarter financial tools tailored for small and medium enterprises (SMEs).
Rapid Growth and Market Expansion
- Customer base surged from 3,000 to 12,000 SMEs in just one year
- Total funding now stands at €50 million
- Expanding beyond the Nordics into the UK and broader European markets
The Founding Story: Solving a Universal Pain Point
Co-founders Baltsar Sahlin (CEO) and Johan Obermayer (CPO) conceived Mynt while working at Ericsson, frustrated by cumbersome expense processes. Recognizing SMEs faced even greater challenges, they partnered with Magnus Wideberg, a seasoned financial systems engineer, to launch the platform in 2018.
“Issuing cards and managing expenses was unnecessarily complex,” Sahlin told TechCrunch. “We built Mynt to bridge the gap between banks and accounting systems specifically for SMEs.”
What Makes Mynt Stand Out?
Mynt’s AI-powered platform offers:
- Smart corporate cards (primarily Visa-powered)
- Automated spend management tools
- Seamless integration with major accounting software
- Key features:
- Virtual cards & individual spend limits
- Automatic receipt matching
- Real-time mobile expense tracking
- Advanced budget analytics
Embedded Finance Innovation
Mynt’s API-first approach enables integrations with:
- Enterprise resource planning (ERP) systems
- Traditional banks
- Fleet and fuel providers
Competitive Landscape
While facing established players like Denmark’s Pleo ($4.7B valuation) and publicly traded Fortnox, Mynt has carved a niche by:
- Focusing on Nordic accounting/payment peculiarities
- Catering specifically to companies with 2-500 employees (average 50 users)
- Partnering with compe*****s like Fortnox for card services
Global SME Finance Boom
The SME financial tech space is heating up globally:
- Finally (US): Raised $200M in 2024
- Ramp (US): \(150M April 2024 round at \)7.65B valuation
- Brex: Facing restructuring after rapid growth
Why This Market Matters
- 26 million+ SMEs in EU alone (99% of all businesses)
- Only 25% of US SMEs use corporate cards
- Massive opportunity in automating expense management for:
- Overworked accounting teams
- Businesses without dedicated finance staff
“Expense management remains one of the most persistent pain points in business operations,” Sahlin noted. “Our growth proves SMEs are hungry for smarter solutions.”
With this fresh capital, Mynt is poised to capture more of Europe’s underserved SME market while continuing to innovate in AI-driven financial tools.
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