Varun Bhanot

Magic AI is redefining home fitness through technology. The brand’s sleek AI-powered mirror acts as a personal trainer - guiding workouts, tracking form, and even scanning body composition -  all from the comfort of your own home.

Since launching in 2023, the London-based company has become one of the UK’s fastest-growing consumer fitness tech brands, with more than 15,000 customers across 50 countries. But behind the scenes of its rapid growth, managing stock, suppliers, and cash flow was becoming increasingly complex.

Streamlining payments with Mimo

Before Mimo, Magic AI’s finance operations were time-consuming and manual. Weekly pay runs, supplier invoices, and large marketing spends were handled through multiple systems.

“Before Mimo, it was chaos, we do weekly pay runs now, and it would be impossible to manage manually.” - Varun Bhanot,CEO & Co-founder

Using Mimo’s Accounts Payable automation, the team now manages everything in one place. The FinOps team sets up payments, the CFO reviews them, and the founder gives final approval - all from a single dashboard. Every transaction is visible, every approval traceable, and every payment runs smoothly.

“Setup was incredibly fast. It just works. From onboarding to payments, Mimo has made the whole process simple and seamless.”

Flex in action: funding that fits growth

Magic AI doesn’t just use Mimo for payments. The brand also uses Mimo Flex to bridge short-term financing needs -  from funding stock orders, smoothing end-of-month outflows, or backing major marketing pushes.

The company’s Flex line has given the team the freedom to keep scaling without tying up equity or waiting on slower credit facilities.

“It’s much better to take inventory payments from credit than from equity, Mimo helped us power our Q4 purchases smoothly.” 

By combining payments and financing in one platform, Magic AI has reduced admin, improved cash flow visibility, and gained flexibility to grow at pace.

The results

With Mimo, Magic AI has saved hours each week on finance tasks and removed friction from its pay runs. The result: more time to focus on what really matters - scaling a global brand.

Magic AI closed its first full financial year at £3 million turnover, is on track for £10 million this year, and continues to grow its product range - from strength training to yoga, Pilates, and soon, health coaching.

“Having payments and financing combined in one place just makes life easier. Everything we need is in one platform.”

What’s next

The next chapter for Magic AI is expansion into the US - the world’s largest connected fitness market - while continuing to develop new AI-driven features and content for its growing user base.

Want to simplify payments and unlock flexible funding like Magic AI? Learn more about Mimo Flex here.