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Mynt raises a cool $23M at $210M valuation to build a smarter expense card for SMEs
Small and medium businesses are getting more love in the world of fintech these days, and one example of that is the growth of a startup out of Sweden.
Mynt got its start when two of its co-founders, Baltsar Sahlin (CEO) and Johan Obermayer (CPO) were colleagues at Ericsson, the Swedish telecoms giant, where expenses were a complete pain to manage, ironic given that the company is technically dedicated to the next generation of data communications. Interestingly, it also has an embedded finance play: Mynt has built an API that lets it integrate with third parties, powering card-issuing services for enterprise resource planning businesses, banks, and fleet and fuel providers. The other important point, said Sahlin, is that Mynt focused its efforts on its region alone initially because the Nordic ecosystem is different “when it comes to accounting and payment rails.” Its products, designed for companies of between two and 500 employees, with its average customer size currently at 50 users.
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