July 16, 2024

Mimo, an SMB finance management software, raises £15.5 million.

April 12, 2024
1Min Read
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Northzone-led investment round for Mimo, a platform that streamlines business-to-business payments, has garnered £15.5 million.

A slew of angel investors from fintech companies, including Stripe and GoCardless, joined the round along with Cocoa Ventures, Seedcamp, and Upfin VC.

Mimo, which stands for "money in, money out," offers SMBs and accountants a range of financial tools that make cash flow, international payments, and financial administration easier.

The company contends that an excessive number of applications for various aspects of financial management have emerged as a result of the recent spread of SaaS tools to assist SMBs in managing their finances, which is difficult and time-consuming.

 

Mimo has developed a suite of tools that includes all the capabilities SMBs want to better comprehend and manage their cash flow. According to the firm, it enables consumers to instantly pay suppliers, obtain working capital, and receive payments from clients faster, regardless of currency.

Mimo, which was founded in 2023, now works with over 50 SMBs and finance experts, and through its early access offering, it processes several million GBP each month. With the additional money, it is developing its platform, launching it formally, and hiring people to join its teams in Stockholm and London.

 

"I've seen firsthand the time-consuming and fragmented processes SMBs must deal with when managing money," says Henrik Grim, CEO of Mimo. In order to pay bills or make and pursue overseas payments, SMBs and financial professionals must switch between spreadsheets and apps while attempting to monitor and control cash flow.

"Mimo combines all of this into a single platform, making it simple for businesses to handle money transfers and expedite the receipt of payments in any currency. We are thrilled that our investors support our efforts to assist SMBs regain complete financial control.

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