[Funding alert] London-based Mimo Secures €18 million in Funding

Along with an asset-backed facility created by Fost and involvement from a variety of angel investors, including founders and early operators from companies like Stripe, GoCardless, Wayflyer, and Anyfin, other investors in this round include Cocoa Ventures, Seedcamp, and Upfin VC.

With the additional equity capital, Mimo will increase staff and further develop its B2B payments solution for SMBs. Through its early access programme, Mimo already works with more than 50 SMBs and finance experts, processing several million GBP each month.

Henrik Grim (CEO), Alexander Gernandt Segerby (CPO), Andreas Meisingseth (CTO), and former General Manager of Europe at Capchase and Investment Manager at Northzone launched the company in 2023. Its offices are located in Stockholm and London.

SaaS technologies to help SMBs manage their money have proliferated in recent years. This implies that there are a plethora of applications available for small businesses that handle different aspects of financial administration, each doing a distinct, basic duty like keeping track of invoices, transferring money abroad, or handling payroll. It takes a lot of time and effort to manage and reconcile this disassembled system in bookkeeping.

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For 4 out of 5 businesses that fail, cash flow management is the main cause. Small companies have to deal with a disjointed system of financial tools to handle this, and there is still sometimes a big delay between when bills are sent and when the funds required for expenses and payroll appear in their accounts. In the UK, the average small firm is reported to owe £22,000 in overdue payments.

While some of these issues have been mitigated by innovations in SaaS and e-commerce payment systems, SMBs outside of these industries continue to suffer with cash flow and administrative difficulties when it comes to handling incoming and outgoing payments.

Half of Europe's GDP consists of SMBs, and allowing money to flow between them can both keep many of them afloat and potentially spur their expansion.

Henrik Grim, co-founder and CEO of Mimo, commented: “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.”

Trading SMBs and financial professionals can use Mimo's solutions to pay suppliers instantly, access working capital, and receive payments from customers more quickly, in any currency. A significant amount of invoices and multi-currency administration are necessary for companies that handle inventory or conduct business worldwide, such as those in the consumer products, retail, hotel, or wholesale industries.

Mimo's solution for financial management addresses the laborious and time-consuming problems that are common to these industries. By lowering the obstacles to money transfer between small businesses, the platform promotes and facilitates trade between them.

Jessica Schultz at Northzone said: “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 a 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, added: “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.”

About Mimo

Mimo, which stands for "Money In, Money Out," was founded in 2023 and offers a range of financial tools that combine the functions required for SMBs to better comprehend and manage their cash flow. Mimo provides businesses, accountants, and bookkeepers with a single platform for simpler administration and better financial decisions, eliminating the need for a disorganised network of applications such as house banks, SaaS tools, and FX brokers.