Mimo launches financial management platform for SMBs with £15.5M funding

Mimo co-founders

New UK-based start-up Mimo, which simplifies payments, cashflow and financial management for small and medium businesses (SMBs), has launched with £15.5 million in funding.

The round was led by Northzone, with participation from Cocoa Ventures, Seedcamp, Upfin VC, as well as an asset-backed facility by Fost, alongside participation from a number of angel investors.

Founded in 2023 by Henrik Grim (CEO), Alexander Gernandt Segerby (chief product officer), and Andreas Meisingseth (chief technology officer), the start-up operates from London and Stockholm and has 14 employees. It 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, Software-as-a-Service (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, the company says that 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.

The start-up claims it is already working with over 50 SMBs and finance professionals and processes “several million pounds” every month via its early access offering.

With the fresh equity funding, Mimo plans to build out its B2B payments solution for SMBs and expand its headcount.

“I’ve seen first-hand the time-consuming and fragmented processes SMBs must deal with when managing money,” said Grim, co-founder and CEO of Mimo.

“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.”

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