Mimo, a financial management platform catering to small and medium-sized businesses (SMBs), recently secured £15.5 million (€18 million) in funding. This investment round was led by Northzone, with participation from Cocoa Ventures, Seedcamp, Upfin VC, Fost and several angel investors, including individuals associated with successful companies like Stripe, GoCardless, Wayflyer, and Anyfin. Mimo’s platform is designed to simplify global payments, cash flow management, and overall financial operations for SMBs and accountants. The funding will be utilized to further enhance Mimo’s B2B payments solution for SMBs and to expand its team, thereby advancing its mission to streamline financial management for small businesses.
Mimo is a financial management platform that simplifies global payments, cash flow, and financial management for small and medium-sized businesses (SMBs) and finance professionals. Founded in 2023 by Henrik Grim (CEO), Alexander Gernandt Segerby (CPO), and Andreas Meisingseth (CTO), Mimo offers a suite of tools that enables businesses to easily manage money coming in and going out. The platform, based in London and Stockholm, is already processing millions of pounds in payments for SMBs each month.
Recent years have seen a proliferation of SaaS tools to aid SMBs’ management of their finances. This means that, for a small business, there are an overwhelming number of applications for the various elements of financial management, each completing a different, simple task such as recording invoices, making international payments, or running payroll. This unbundled system is time-consuming and challenging to manage and reconcile in bookkeeping.
Cash flow management is the primary reason for failure among 4 in 5 businesses that go under. Small businesses must use a fragmented system of financial tools to manage this, and there is still often a significant lag between billing and the money needed for costs and payroll coming into their accounts, with the average UK-based SME being owed an estimated £22,000 in late payments. Although there has been innovation in SaaS and e-commerce payment systems that offset some of these problems, SMBs outside these verticals still face constant cash flow struggles and administrative pains in managing money coming in and going out. SMBs account for half of Europe’s GDP, and facilitating the movement of money between these enterprises can prevent many from going under, and has the potential to unlock their growth.
Mimo, which stands for ‘Money In, Money Out’, provides a suite of financial tools that bundles the features needed for SMBs to better understand and control their cash flow. Rather than relying on a disjointed network of applications including house banks, SaaS tools and FX brokers to manage finances, Mimo gives businesses, accountants and bookkeepers a single tool for easier administration and better financial decisions. Through the platform’s credit offering, risk is minimised and working capital optimised so that businesses can send and receive payments on their own terms.
Mimo’s tools allow for trading SMBs and finance professionals to pay suppliers with a click, access working capital, and get paid faster by customers, in any currency. For businesses that hold inventory or trade internationally, such as those in consumer goods, retail, hospitality or wholesale, this requires a substantial number of invoices and multi-currency management. Mimo’s financial management solution solves the painstaking, time-consuming issues that are synonymous with these sectors. The platform enables and grows small business trade, by removing the barriers for money to flow between them.
Henrik Grim, co-founder and CEO of Mimo, comments: “I’ve seen first-hand the time-consuming and fragmented processes SMBs must deal with when managing money. SMBs and financial professionals have to jump between apps and spreadsheets to pay invoices or make and chase international payments, all while trying to keep track of and manage cash flow. Mimo bundles this into a single tool so that businesses can easily manage the movement of their money and receive payments in any currency, faster. We’re delighted to be backed by our investors to help give SMBs full control of their finances.”
Jessica Schultz at Northzone comments: “Having known Henrik for years, we are very excited to partner up with him and his co-founders Alexander and Andreas, who have previously worked together at iZettle and know well what it takes to build and win in the financial SMB market. Companies today face a real pain when it comes to coherently managing payments, cash flow and financing. We believe Mimo’s vision for a true financial management platform aligns well with our thesis. The commercial success Mimo is already seeing today is a testament to the team’s drive and market edge.”
Mehdi Ousahla, Partner at Fost comments: “We have been extremely impressed by the vision, the product execution and the sophistication of the Mimo team. We are very proud to support their continued growth.”
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