Mynt, a spend management solution focused on small and medium-sized businesses in Nordic countries, raised investments worth 22 million euros (about $23 million) as part of the Series B funding round.
The company’s press release, published on Wednesday, December 11, contains information according to which the money received will be used to stimulate the next stage of growth of the firm and the implementation of the planned expansion into the markets of the United Kingdom and other European countries.
Also in the mentioned press release, it was noted that as of today, the total funding of Mynt exceeds 50 million euros. The company’s market capitalization is about 175 million euros.
Mynt chief executive officer and co-founder Baltsar Sahlin stated that the firm shares a common belief that small and medium-sized businesses remain neglected by the traditional banking sector and that by enhancing existing solutions with advanced tech, they can prioritize growth and reduce administrative costs.
The company’s spend management solution offers consumers corporate credit cards integrated with accounting and enterprise resource planning systems. In this case, it also provides for the use of artificial intelligence tools for managing expenses, issuing credit cards, and flexible spending solutions.
In a press release, it was noted that the company is seeing an increase in demand for spend management among small and medium-sized businesses. Over the past 12 months, the customer base of the firm has quadrupled. Currently, the company serves 12,000 representatives of small and medium-sized businesses.
As we have reported earlier, Digital Bank Zopa Raises $85 Million.
