Mimo, a platform designed to simplify business-to-business payments, has raised £15.5 million in an investment round led by Northzone.
Cocoa Ventures, Seedcamp, Upfin VC and a host of angels from fintechs such as Stripe and GoCardless joined the round.
Mimo – which stands for ‘money in, money out’ – provides a suite of financial tools designed to simplify global payments, cash flow, and financial management for SMBs and accountants.
The company argues that the recent proliferation of SaaS tools to aid SMBs’ management of their finances has led to an overwhelming number of applications for various elements of financial management, which is time-consuming and challenging.
Mimo has built a suite that bundles the features needed for SMBs to better understand and control their cash flow. The startup says it helps clients pay suppliers with a click, access working capital, and get paid faster by customers, in any currency.
Founded in 2023, Mimo is already working with more than 50 SMBs and finance professionals and processes several million GBP every month via its early access offering. With the new funding, it is officially launching its platform, building out its platform and making hires to join its teams based in London and Stockholm.
Henrik Grim, CEO, Mimo, says: “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.”
