Mynt, a Swedish fintech startup, has closed a €22 million funding round to fuel its European expansion, providing AI-based corporate cards and spend management solutions specifically designed for small and medium-sized enterprises (SMEs). The round, led by Vor Capital, brings Mynt's total funding to around €50 million and values the company at approximately €200 million.

The startup, founded in 2018 by Baltsar Sahlin, Johan Obermayer, and Magnus Wideberg, addresses a significant pain point in the SME sector: inefficient expense management and corporate card issuance. Mynt's platform leverages artificial intelligence to automate spend management, providing features such as out-of-pocket expense management, automatic receipt matching, virtual cards, and analytics tools to help SMEs better understand their budget allocation.

Mynt's growth has been remarkable, with its customer base increasing from 3,000 SMEs to 12,000 in just one year. The company's focus on the Nordic region initially allowed it to tailor its products to the specific needs of SMEs in that market. With this new funding, Mynt is poised to expand its reach across Europe, starting with the UK and other key markets.

The SME sector is a significant underserved market, with over 26 million businesses in the European Union alone. Mynt's solution is designed to cater to companies with between two and 500 employees, with an average customer size of 50 users. The startup's API also enables integrations with third-party providers, such as enterprise resource planning businesses, banks, and fleet and fuel providers, further expanding its reach.

Mynt faces competition from other players in the expense management and corporate card space, including Pleo, Fortnox, and US-based companies like Finally, Emburse, Brex, and Ramp. However, the market's vast potential and the unique needs of SMEs suggest that there is room for multiple players to succeed.

The importance of efficient expense management cannot be overstated, particularly for SMEs where accounting departments may be smaller or even non-existent. Mynt's AI-driven solution addresses this pain point, automating time-consuming tasks and providing valuable insights to help SMEs optimize their budgets.

As the SME sector continues to grow, innovative fintech solutions like Mynt's will play a critical role in supporting these businesses. With its latest funding round, Mynt is well-positioned to capitalize on the vast opportunities in the European market, driving growth and efficiency for SMEs across the region.