TechCrunch Startup News Mynt raises a cool $23M on a $210M valuation to build a smarter expense card for SMEs
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Dec 12, 2024 Small and medium businesses are becoming a focal point in fintech, with a Swedish startup making waves. Mynt has secured $23 million to enhance its AI-based corporate card and expense management platform for SMEs. The discussion dives into the startup's rapid growth and the challenges it faces against established competitors. It also sheds light on the competitive landscape of corporate card services, emphasizing the opportunities in a market that remains underutilized, particularly in the U.S. and Europe.
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Mynt's Funding and Valuation
- Mynt, a Swedish startup, secured $23M in funding, reaching a $210M valuation.
- Their AI-driven expense platform caters to small and medium businesses (SMEs).
Mynt's Origin Story
- Mynt's co-founders, Balsar Salen and Johan Obermeyer, worked at Ericsson.
- They found expense management a pain point, especially for smaller businesses.
Mynt's Early Focus
- In 2018, few SME-focused expense solutions existed.
- Mynt aimed to bridge the gap between banks and accounting systems for SMEs.