Press room

LONDON, UNITED KINGDOM. 11TH APRIL 2024. 10AM BST. Mimo, the platform simplifying global payments, cash flow, and financial management for SMBs and accountants, has raised £15.5M (€18M) of new investment. The company is launching its platform with this funding, which was led by Northzone.

Other investors participating in this round include Cocoa Ventures, Seedcamp, Upfin VC, with an asset backed facility arranged by Fost and participation from various angel investors including founders and early operators from the likes of Stripe, GoCardless, Wayflyer, and Anyfin. Mimo will deploy the new equity funding to continue to build out its B2B payments solution for SMBs and expand its headcount.

Mimo already works with 50+ SMBs and finance professionals and processes several million GBP every month via its early access offering. The company was founded in 2023 by Henrik Grim (CEO), former General Manager of Europe at Capchase and Investment Manager at Northzone, Alexander Gernandt Segerby (CPO), and Andreas Meisingseth (CTO). It has offices in London and Stockholm. 

SMBs Struggle with Cash Flow Management

Recent years have seen a proliferation of SaaS tools to aid SMBs’ management of their finances. This means that, for a small business, there are an overwhelming number of applications for the various elements of financial management, each completing a different, simple task such as recording invoices, making international payments, or running payroll. This unbundled system is time-consuming and challenging to manage and reconcile in bookkeeping.

Cash flow management is the primary reason for failure among 4 in 5 businesses that go under. Small businesses must use a fragmented system of financial tools to manage this, and there is still often a significant lag between billing and the money needed for costs and payroll coming into their accounts, with the average UK-based SME being owed an estimated £22,000 in late payments. Although there has been innovation in SaaS and e-commerce payment systems that offset some of these problems, SMBs outside these verticals still face constant cash flow struggles and administrative pains in managing money coming in and going out. SMBs account for half of Europe’s GDP, and facilitating the movement of money between these enterprises can prevent many from going under, and has the potential to unlock their growth. 

Bundling Tools to Understand and Control Cash Flow

Mimo, which stands for ‘Money In, Money Out’, provides a suite of financial tools that bundles the features needed for SMBs to better understand and control their cash flow. Rather than relying on a disjointed network of applications including house banks, SaaS tools and FX brokers to manage finances, Mimo gives businesses, accountants and bookkeepers a single tool for easier administration and better financial decisions. Through the platform’s credit offering, risk is minimised and working capital optimised so that businesses can send and receive payments on their own terms. 

Mimo’s tools allow for trading SMBs and finance professionals to pay suppliers with a click, access working capital, and get paid faster by customers, in any currency. For businesses that hold inventory or trade internationally, such as those in consumer goods, retail, hospitality or wholesale, this requires a substantial number of invoices and multi-currency management. Mimo’s financial management solution solves the painstaking, time-consuming issues that are synonymous with these sectors. The platform enables and grows small business trade, by removing the barriers for money to flow between them.

Henrik Grim, co-founder and CEO of Mimo, comments: “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.”

Jessica Schultz at Northzone comments: “Having known Henrik for years, we are very excited to partner up with him and his co-founders Alexander and Andreas, who have previously worked together at iZettle and know well what it takes to build and win in the financial SMB market. Companies today face a real pain when it comes to coherently managing payments, cash flow and financing. We believe Mimo's vision for a true financial management platform aligns well with our thesis. The commercial success Mimo is already seeing today is a testament to the team's drive and market edge.”

Mehdi Ousahla, Partner at Fost comments: "We have been extremely impressed by the vision, the product execution and the sophistication of the Mimo team. We are very proud to support their continued growth."

About Mimo

Mimo is a platform simplifying global payments, cash flow, and financial management for SMBs and finance professionals. Founded in 2023 by Henrik Grim (CEO), Alexander Gernandt Segerby (CPO), and Andreas Meisingseth (CTO), the company has raised £15.5M/€18M to date. Mimo has offices in London and Stockholm and employs 14 employees, of five nationalities, across these two locations.