Coins are picking up pace and growing at a rapid pace
How do you succeed in increasing the number of transactions on your platform by 400 percent since the turn of the year? Fintech company Mynt has the answer. They help companies save time and money by simplifying the spending process in a way that is welcomed by the market.
Coins run at a furious pace. In September 2022, the number of transactions increased by 30 percent – and so far this year it is over 400 percent.
So what is it that Mynt does that attracts companies in all industries? Two major trends are working together right now – digitization of expenditure management and an increased focus on costs in more troubled times.
– With Mynt, companies can manage expenses digitally and avoid messing around with receipts. In addition, the company gets full control in real time of how much money is spent on different suppliers or in different parts of the company. Our customers save both time and money by using our solution, says CEO Baltsar Sahlin.
The service, which is free for companies, includes a SaaS tool for administration and analysis, a mobile app for the user and physical or virtual company cards.
When an employee has paid with the company card, the receipt is sent via the app directly into the accounting. The finance manager gets a clear overview of all purchases and what different teams spend. With Mynt’s solution, the customer also has the option to spend first and pay after the end of the month, at no extra cost. It improves liquidity, highlights Baltsar Sahlin.
“Expense app does not solve the whole problem”
Customers are in different phases when they come to Mynt. Many make expense reports where they compare receipts with bank statements manually. A job that takes both time and energy.
– Then we have those who have a spending app with a function to take pictures of receipts when spending. It’s better, but not without problems. The employees still have to spend their private money, which is not appreciated by everyone, says Baltsar Sahlin.
Some already have a company card with their bank or from another party. There is often money to be saved here.
– Mynt has an offer that is not based on high fees, but instead on customers using the service to the full. This benefits the company thanks to earnings from VISA. For larger customers who have a large transaction volume, there is also the possibility of cashback, says Baltsar Sahlin.
“Creates less frustration”
The recruitment company Ants Tech Recruiters is one of many companies that use Mynt for their outlay management.
– We at Ants have an ongoing ambition to simplify our finances. Jumping onto a smoother and cheaper payment solution like Mynt felt obvious. It will be easier, less receipt accounting and above all this creates less frustration among those involved in the process, says Hugo Leichsenring, CEO at Ants.
Mynt also has a collaboration with the accounting operator Fortnox, which is about to launch Fortnox Kort – a “self-branded” company card from Mynt.
– There is no shortage of good things happening. We are working hard and it is going according to plan, states Baltsar Sahlin.
Curious about Mynt and their spending solution?
The article is produced by Brand Studio in collaboration with the fintech company Mynt and not an article by Dagens industri