There is 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. Small businesses use several applications for the various elements of financial management. This is time-consuming and challenging to manage and reconcile in bookkeeping. Also, this is the primary reason for failure among 4 in 5 businesses that go under. They must use a fragmented system of financial tools to manage this challenge.
Raises £15.5M investment
Mimo which stands for ‘Money In, Money Out’ is the platform simplifying global payments, cash flow, and financial management for SMBs and accountants. Now, the company has raised £15.5 million in funding led by London VC Northzone, which invested in Kriya.
Other investors participating in this round include Cocoa Ventures, Seedcamp, Upfin VC, with an asset-backed facility arranged by Fost and participation from various angel investors including founders and early operators from the likes of Stripe, GoCardless, Wayflyer, and Anyfin.
Mimo will deploy the new equity funding to continue to build its B2B payments solution for SMBs and expand its headcount.
Cash flow management for SMBs
Founded in 2023 by Henrik Grim, Alexander Gernandt Segerby, and Andreas Meisingseth in London, Mimo 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, it gives businesses, accountants, and bookkeepers a single tool for easier administration and better financial decisions. Through the platform’s credit offering, the risk is minimised and working capital optimised so that businesses can send and receive payments on their terms.
Mimo’s tools allow trading SMBs and finance professionals to pay suppliers with a single click, access working capital, and get paid faster by customers, in any currency. Its 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.
Mimo has offices in London and Stockholm and employs 14 employees, of five nationalities, across these two locations.
Henrik Grim, co-founder and CEO of Mimo, said: “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 added: “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 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 commented: “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.”
