This is an exciting post to write.

Me, Alex and Andreas started Mimo in January 2023. 15 months later, a lot has happened. To say the least.

What’s Mimo, you say? Here it is.

Today, we are excited to announce our public launch and £15.5m (€18m) in funding from leading fintech investors like Northzone, Fost, Cocoa VC, Upfin, and Seedcamp, alongside angels / operators from businesses like Stripe, GoCardless, Wayflyer and Anyfin.

First off, we want to thank the 50+ SMBs, accountants and bookkeepers we work with through our closed beta, and the community we’ve built over the last 15 months. Without your support, trust and feedback, we would not have gotten here.

You know who you are. Thank you!

Second, a big thank you to our team - we are immensely proud of our 15 highly skilled engineers, product & design wizards, risk & compliance experts, and GTM-leaders, who all obsess over making the day-to-day of our customers better.

With our launch to the UK market, we figured it makes sense to share more context on where we are going and why.

Background

Across our founding team, we’ve spent the last 10+ years in SMB fintech, SaaS and commerce. While fintech has advanced quickly, we are amazed that small business owners still struggle with the basics in financial management.

Managing money in, money out and the resulting cash flow is complex. The process is fragmented across banks, accounting platforms, FX brokers, accountants, lenders, SaaS tools and more.

This fragmented ecosystem makes running a small business hard. Keeping track of what’s coming in (or not), and what’s going out across tools is confusing and time consuming. At best, this complexity is an annoyance. At worst, it kills your company.

For finance professionals, accountants and bookkeepers in particular, it’s getting increasingly expensive. Paying for these tools adds up. AccountingWeb research shows that accountants have seen their SaaS costs rise from 4% of revenue to 8% the last years. Without productivity increase.

And here we were, thinking fintech apps should help save you money. Not the other way around! Something needs to change.

Mimo: Money In, Money Out – simplified

With Mimo, we set out to go back to first principles on how managing the finances of a small business should work. Through our journey speaking to business owners, accountants and bookkeepers, we developed a thesis for what a better future could look like.

It’s time to re-bundle and simplify
With the maturing of fintech infrastructure, we are now able to build broader, better solutions faster than ever before. With this, we can reduce the number of tools needed to manage money-in, money-out, while keeping your books up to date automatically.
The implication is threefold:

1. Better user experience - because switching between and learning new tools is rarely efficient.

2. Stronger cash flow control - because one source of truth is better than several.

3. Lower fees, money saved - because bundling multiple use cases and financial services means you pay less for software.

Let’s address the elephant in the room: cash flow

There are so many financial processes, and even more apps to manage them. In the end, 80%+ of the reasons SMBs go under is represented by poor understanding and control of cash flow. It’s truly what keeps business owners up at night.

At Mimo, we go right to the core of this problem. With one tool to manage money-in, money-out, you get a better overview of your business, coupled with powerful analytics & insights. And with our payments platform and Mimo Flex, you can pay and get paid on your own terms.

Business owners, accountants and bookkeepers currently use Mimo to pay invoices & employees anywhere with one click, on terms that suit them and their clients. All auto-reconciled in their accounting platform. But we are only getting started.

Soon, we’ll make It easy to request payments from customers, without worrying about if and when money will land.

In summary, this means saving time & money, and running your business on your own terms.

Looking ahead

Mimo is only 15 months old, and we are just getting started. Thanks again to our customers, partners and investors for helping us get this far.

Going forward, we’d love to have you join us. Whether you’re running a small business, an accounting or bookkeeping practice, or find yourself managing the finances for larger companies, we’d love to connect.

Feel free to browse our new website, follow us on LinkedIn, or swing by the Digital Accountancy Show Apr 16-17 in Battersea Park, London! We are excited to collaborate with the organisers of DAS to launch Mimo at the event in person.

If you are keen to try the product, explore a partnership, join our mission or simply learn more, don’t hesitate to reach out.

I’m at henrik at mimohq dot com.

Onwards,
Henrik