Mimo, the newly launched platform that simplifies global payments, cash flow, and financial management for SMBs and accountants, has successfully raised £15.5m.
This significant funding round was led by Northzone and included participation from Cocoa Ventures, Seedcamp, Upfin VC, and an asset-backed facility arranged by Fost. Additionally, various angel investors from leading companies such as Stripe, GoCardless, Wayflyer, and Anyfin have also contributed.
The company, which processes several million GBP in transactions monthly, is set to revolutionise how small and medium businesses (SMBs) manage their finances. Mimo provides a comprehensive suite of financial tools designed to consolidate various financial management functions into a single, user-friendly platform. This integration allows SMBs and finance professionals to seamlessly manage money flows, significantly simplifying B2B payments and improving cash flow management.
With the newly acquired £15.5m, Mimo plans to expand its B2B payments solution tailored for SMBs and increase its workforce. The funding will also support the further development of their financial management tools, which are crucial for businesses that deal with extensive invoicing and operate across multiple currencies.
Mimo CEO Henrik Grim 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.”
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