Mimo has raised £15.5m of new investment with the funding round led by Northzone. Other investors participating include Cocoa Ventures, Seedcamp and Upfin VC. In addition, there is an asset backed facility arranged by Fost with participation from various angel investors including founders and early operators including Stripe, GoCardless, Wayflyer, and Anyfin. The funding will enable Mimo to build out its B2B payments solution for SMBs and expand its headcount.
Mimo already works with 50+ SMBs and finance professionals. It processes several million pounds every month via its early access offering. The company was founded in 2023 by Henrik Grim (CEO), former General Manager of Europe at Capchase and Investment Manager at Northzone, Alexander Gernandt Segerby (CPO), and Andreas Meisingseth (CTO). It has offices in London and Stockholm.
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SMBs struggle with cash flow management
Recent years have seen a proliferation of SaaS tools to aid SMBs’ management of their finances. For a small business, there are an overwhelming number of applications for the various elements of financial management. Each completes 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. There is often a significant delay between billing and the money needed for costs and payroll coming into their accounts. The average UK-based SME is 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. Facilitating the movement of money between enterprises can prevent many from failing, and has the potential to unlock their growth.
Bundling tools to understand and control cash flow
Mimo stands for ‘Money In, Money Out’. It provides a suite of financial tools that bundles the features needed for SMBs to understand and control 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. Working capital is 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. They can access working capital, and get paid faster by customers, in any currency. Mimo says that its financial management solution solves painstaking, time-consuming issues. The platform enables and grows small business trade, by removing the barriers for money to flow between them.
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By GlobalDataHenrik Grim, co-founder, CEO Mimo, said: “I’ve seen first-hand the time-consuming, 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. 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.
