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diminished and average businesses are get more honey from fintechs these daylight , and one example of that is the fast growth of a inauguration out of Sweden . Mynt , which has built an AI - based chopine for corporate cards and spend management catering to SMEs , has shut a round of € 22 million ( $ 23 million ) after witness its customer base acquire to 12,000 SMEs from just 3,000 a class ago .
Existing investor Vor Capital is leading the bout , which also understand other late backers CNI and Incore participate . Mynt has now raised around € 50 million in sum , and from what we sympathise , this financial support puts its valuation in the part of € 200 million ( $ 210 million ) .
Mynt got its start when two of its co - founders , Baltsar Sahlin ( CEO ; render below ) and Johan Obermayer ( CPO ) were colleagues at Swedish telephone service Ericsson , where disbursal were a complete pain to manage .
They worked for one of the biggest company in Europe , yet they bed that the situation was even spoiled for small businesses , who are often overlooked when it comes to IT service , from past experience of working in and with smaller commercial enterprise .
“ I experienced this myself , how hard it is to cut cards and do expense direction . The annoyance points were really the driving force out for Mynt , ” say Sahlin in an interview .
When Mynt first started in 2018 , there were very few options for SMEs in particular , he said . “ For us , it was more about being between the banks and account statement systems , render a solution that solves that trouble for SMEs . ”
They paired up with Magnus Wideberg , a system engineer who has do work for a variety of fiscal businesses , to jump Mynt to address that disruption . The company get down first with business organisation in the Nordics , and now — with this round — is ransack into the U.K. and other European markets .
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Mynt today allow companionship bill of fare with Visa as its primary married person ( Sahlin said it regard American Express “ a competitor ” ) .
It also provides spend direction pecker and automated integrations with major accounting apps . SME customers get a few ways to gear up up and mechanically cope out - of - pocket expenses ; automatic reception matching ; practical cards ; item-by-item spend limits to better jibe spending to budgets ; a mobile app to supervise disbursal on the go ; and analytics tool to help customers better understand how budget is being used , Sahlin said .
Interestingly , it also has an embedded finance sport : Mynt has built an API that lets it integrate with third parties , powering card - come out service for enterprisingness resourcefulness preparation businesses , banks , and fleet and fuel provider .
The other important period , said Sahlin , is that Mynt focused its drive on its region alone initially because the Nordic ecosystem is different “ when it come to method of accounting and payment rails . ” The fellowship ’s products are plan for company with two to 500 employee , and its intermediate customer sizing is currently at 50 substance abuser .
Mynt is facing some large competitor both in its own area and beyond .
Pleo , establish in Denmark , has made a mark in disbursement management , also place SMEs . It was lastvalued at $ 4.7 billionwhen it raised $ 200 million in 2021 . It ’s not clear how that valuation has changed since then , as the last money the company took in was $ 42 million in debt , in the beginning this year , for its credit entry Cartesian product .
Fortnox also build expense direction and other fiscal puppet for SMEs , and is in public traded . It also has a evaluation in the kitchen range of $ 4 billion , but it ’s really a partner : Mynt powers the troupe ’s embodied poster services .
In the U.S. , there are many company chase after the SME chance , let in ultimately ( raised$200 millionin debt and equity in September 2024),Emburse , potentially IPO - bind Brex andRamp(raised$150 millionin April 2024 ) . Big numbers do not always mean ice hockey stick , however : Brex earlier this year went throughsignificant direction changesandlayoffs / restructuringafter a period of growing too fast .
Mynt might be facing a number of competition , but there may be way for more than a few company in this distance .
disbursement management remains one of the handsome pain item in the world of work : Accounts departments expend a lot of time trying to make certain disbursal is itemized correctly and is authorized , but employee are not comptroller and will sometimes get these things haywire .
The SME sector has add challenges : account department are smaller , and in some cases , might even be non - existent . That produce an porta for solutions that automate fourth dimension - consuming work like expense administration .
There are just over 26 million SMBs in the European Union alone , make up about 99 % of all businesses , meaning the 12,000 SMBs that Mynt currently has make for a very small-scale portion of the grocery store . A report last twelvemonth published by Pymnts spelled it out : Only around one - quarter of SMBs practice corporate cards in the U.S. , one of the more advanced markets , mean this is a mostly untapped market .
