Spend Management Firm Mynt Gets Visa Investment and Joins Reseller Network

Spend management solution provider Mynt launched a new partnership with Visa.

The collaboration will allow the Stockholm-based company to address the rising demand from small- to medium-sized businesses (SMBs) for efficient spend management tools, according to a Thursday (April 10) press release.

“The partnership will enable Visa to better meet its clients’ needs and the underserved SMB market,” the release said.

Visa will invest in Mynt’s Series B funding round, and Mynt will become a reseller partner for Visa. This will let Visa resell Mynt’s software-as-a-service (SaaS) solutions directly to issuers, per the release.

Mynt’s platform offers auto-reconciliation and integration into accounting software, providing spend insights and easing administrative burdens, according to the release.

“Another great example of Nordic FinTech innovation where Visa is deepening collaboration with Mynt, where our combined capabilities will enable our clients and partners to bring market-leading propositions and service to [SMBs] across Europe,” said Philip Konopik, regional managing director of Visa Nordics and Baltics, in the release.

The two companies previously worked together to expand the adoption of Mynt’s embedded card solution. The tool allows enterprise resource planning fleet and fuel companies and banks to offer embedded corporate card and spend management solutions to their SMB customers in Europe.

The partnership comes as SMBs face increased financial pressure. Half of SMBs in the United States “rely on their day-to-day sales just to keep the lights on,” PYMNTS wrote this week. “Nearly 1 in 5 are pessimistic about their odds of survival over the next two years. Almost 7% think they might not make it.”

Just 28% of SMBs have business cards. Of that group, 64% of businesses with access to any form of financing use their corporate cards to withdraw cash for operations.

Although credit cards potentially carry high interest rates, they “offer a quick and relatively easy way to access funds,” PYMNTS wrote. “At the same time, 4 in 10 businesses with access to financing also rely on their owners’ personal credit cards,” blurring the lines between personal and business finances and potentially putting both at risk.

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