Financial Management Startup Mimo Raises £15.5 Million In Funding Round
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Mimo has secured £15.5 million in a new investment funding round, led by Northzone, with additional investment from investors like Upfin VC, Seedcamp, and Cocoa Ventures.
In addition, Fost has arranged an asset-backed facility, with participation from diverse angel investors such as early operators and founders from Anyfin, Stripe, Wayflyer, and GoCardless. The funding will allow Mimo to create its B2B payment solution for SMBs and broaden its headcount.
Mimo Seeks To Revolutionize SMB Financial Management
Mimo is currently collaborating with over 50 SMBs and finance professionals, processing several million pounds monthly through its early access initiative.
The firm was established in 2023 by Andreas Meisingseth (CTO), Henrik Grim (CEO), Investment Manager at Northzone, and Alexander Gernandt Segerby (CPO). Mimo has its headquarters in London and Stockholm.
Over recent years, SMBs have been leveraging SaaS tools to manage their finances. Small enterprises have experienced an increasing number of applications for the diverse features of financial management.
Each completes a different tasks like running payroll, making international payments, or recording invoices. This unbundled system consumes time and is difficult to manage while merging it in bookkeeping.
Mimo Aims To Transform Cash Flow Management For Small Businesses
The primary reason for failure among 4 in 5 businesses is the problems associated with cash flow management. In other to solve this challenge, small enterprises must utilize a fragmented system of financial tools. However, there is often a notable setback between billing and the resources required for costs and payroll flowing into their account.
An estimated £22,000 in late payment is to be allocated to the average UK-based SME. Despite improvements in SaaS and e-commerce payment solutions that solve some of these issues, SMBs beyond these verticals still struggle with constant cash flow. They also face administrative difficulty in managing money flowing in and flowing out.
Mimo, which stands for ‘Money In, Money Out,’ offers a set of financial tools that combine needed features for SMBs to understand and oversee cash flow. Mimo doesn’t depend on a disjointed network of applications, such as FX brokers, SaaS tools, and house banks to manage finances.
The platform offers bookkeepers, accountants, and businesses with a distinct tool for better financial decisions and easier administration. Through the platform credit options, Mimo reduces risk, while optimizing working capital so that enterprises can receive and send payments based on their terms.
