Visa has invested in Swedish spend management firm Mynt. The partnership with Visa will enable Mynt to address the growing demand for efficient spend management among small and medium-sized businesses.

The investment is part of Mynt’s €22 million Series B funding round, which was first announced in December and valued the firm at €175 million. All told, it brings Mynt’s total funding to over €50 million.

Over the past twelve months, the firm has experienced steady growth in its direct-to-business model and expanded its customer base from 3,000 to 12,000 SMEs.

The fresh investment will help fuel Mynt’s next phase of growth, with plans to expand into the UK and other European markets, broaden its product offering, and capitalise on growing demand for spend management among SMEs.

As part of the deepened relationship with Visa, Mynt will also become a reseller partner for the card scheme and, vice versa, Visa will will offer Mynt’s SaaS product directly to issuers.

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