Vor Capital, an investment fund manager, led the funding round, alongside existing investors such as CNI and Incore.
This round brings Mynt’s total raised to date to more than EUR 50 million. The company intends to use the funds to accelerate its growth, expand into the UK and European markets, broaden its product offerings and capitalise on demand for spend management among SMEs.
One of its services is the spend MaaS offering, the Mynt Platform, which is an API-based Embedded Finance platform designed for ERPs, banks, and fleet and mobility companies across the UK and Central Europe.
The platform is already operating in the Nordic regions of Europe offering corporate cards integrated with accounting systems. With partners such as Fortnox and Accountor offering card solutions to customers that run on Mynt Platform’s infrastructure, the business has grown its customer base from 3,000 to 12,000 SMEs in the past 12 months.
Mynt’s belief is that SMEs remain neglected by the traditional banking sector, and its aim is to improve existing solutions so that small firms can prioritise growth and reduce administrative costs.
Spend management refers to the process that tracks and requests approvals for spending, making payments, capturing transaction details, analysing business expenditures, booking, and tracking.
Fortune Business Insights valued the global spend management software market at USD 21 billion in 2023 and forecasts a compound annual growth rate of 11.8%, expected to reach USD 57 billion by 2032.
Due to the COVID-19 pandemic, there was an increase in demand for spend management. The trend is estimated to create opportunities as the need for effectively managing business spending is growing. Post COVID-19, the need for such solutions and services has been higher than in 2021.
This is why global demand for spend analytics for businesses is anticipated to drive the BSM software market growth.
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