London-based Mimo, a FinTech platform simplifying global payments, cash flow, and financial management for SMBs and accountants, has raised €7.7 million of new investment to build out its B2B payments solution and expand its headcount.
The funding round was led by Project A with previous investors Northzone and Seedcamp returning to participate. Mimo has also arranged an embedded funding partnership with Froda, an SMB financing provider, enabling Mimo to provide UK SMEs with €114 million+ in flexible working capital solutions over the coming years, with potential for pan-European scalability.
Henrik Grim, Co-founder and CEO of Mimo, comments: “At Mimo, we’ve been continually learning from these conversations to iterate and improve the platform to help both Accountants and SMBs save time, save money and control their cash flow. We look forward to working with new investors Project A and returning investors Northzone and Seedcamp as we strive towards this goal.”
Founded in 2023 by Henrik Grim (CEO), Alexander Gernandt Segerby (CPO), and Andreas Meisingseth (CTO), Mimo is a platform simplifying global payments, cash flow, and financial management for SMBs and finance professionals. Mimo has offices in London and Stockholm and employs 20 employees, across its London and Stockholm offices.
Mimo’s platform usage has reportedly grown 10x over the last year, servicing hundreds of SMBs and finance professionals and processing hundreds of million GBP.
Mimo, short for ‘Money In, Money Out’, provides a suite of financial tools that helps SMBs and their accountants & bookkeepers save time and improve control of cash flow. By automating invoice processing, payments and bookkeeping, and by including collaboration workflows, users enjoy less financial admin, while an embedded credit line in Mimo Flex gives SMBs better control of cash flow.
Rather than relying on a disjointed network of applications including house banks, SaaS tools and FX brokers to manage finances, Mimo combines these into a single tool for businesses and finance professionals to manage all things payments & cash flow.
Also joining Mimo’s board, Malin Posern, Partner at Project A, comments: “We have been closely following Mimo since their launch out of stealth last year. Since then, the team has continued to push the product from strength to strength to solve a problem that could simplify the working lives of millions of people. We are looking forward to working with Henrik, Alexander and Andreas and the team to continue on the exponential trajectory of the business.”
Since its public launch in April 2024, Mimo has expanded its product suite, allowing larger businesses and accounting firms to automate and take control of accounts payable, while also launching Get Paid, an accounts receivable solution that ensures businesses get paid faster with automated payment reminders, digital statements, and flexible payment methods for customers.
Mimo is also launching Fetch, an invoice capture and bookkeeping automation tool, which is currently being rolled out among existing customers.
Mimo is currently being used by businesses like Bold Bean, Wales Bonner, and Surreal, as well as accounting firms supporting the SMB economy, like PM+M, Goodwille and Green & Purple.
Jessica Schultz, Partner at Northzone, adds: “Less than a year on from first investing in Mimo, we are looking forward to deepening our partnership with this latest funding round. Having been incredibly impressed with the progress and pace of execution these last months, we are excited to double down and continue backing the Mimo team.”