Mynt, a provider of corporate credit cards and spend management software, has raised a €22M funding round at a  valuation of approximately €175M.

The round was led by Vor Capital, with participation from existing investors CNI, Incore and others. The Series B round brings Mynt’s total funding to over €50M.

With the incoming capital, Mynt plans to expand into the UK and other European markets, broaden its product offering and capitalise on growing demand for spend management among SMEs. 

Mynt’s cutsomer base is made up largely of Nordic SMEs, to whom it offering corporate cards integrated with accounting systems. Mynt reached profitability on a month-over-month basis in September, while expanding its customer base from 3,000 to 12,000 SMEs during the past year.

During its next phase, Mynt will scale its spend management-as-a-service offering, the Mynt Platform, across the UK and Central Europe. This platform is designed for banks, ERPs, and fleet and mobility companies to enable them with proactive spend management and corporate card issuing capabilities. With curent notable partners such as Fortnox and Accountor rolling out card solutions to customers, Mynt hopes to translate the same success in central european markets. 

CEO and Co-Founder Baltsar Sahlin commented : “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, added: “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.”