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March 12, 2025
SMB Financial Management Platform Mimo Raises $8.5M Equity Round and $125M+ Embedded Funding Partnership To Simplify B2B Payments & Cash Flow
Processing hundreds of millions of pounds in payments for SMBs and finance professionals, Mimo’s suite of financial management tools, including just launched bookkeeping automation capability, enables businesses and accountants to easily manage money coming in and going out
LONDON, UNITED KINGDOM. WEDNESDAY 12TH MARCH 2025. 10AM GMT. Mimo, the platform simplifying global payments, cash flow, and financial management for SMBs and accountants, has raised $8.5M of new investment, led by Project A.
Previous investors Northzone and Seedcamp return to participate in this round. Mimo has also arranged an embedded funding partnership with Froda, a leading SMB financing provider, enabling Mimo to provide UK SMBs with $125m+ in flexible working capital solutions over the coming years, with potential for pan-European scalability. Mimo will deploy the new equity funding to continue to build out its B2B payments solution for SMBs and expand its headcount.
Mimo’s platform usage has grown 10x over the last year, servicing hundreds of SMBs and finance professionals and processing hundreds of million in payment volume. 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), all formerly of iZettle. Mimo has offices in London and Stockholm.
One single platform to Understand and Control Cash Flow
Mimo, short for ‘Money In, Money Out’, provides a suite of financial tools that helps SMBs and their accountants & bookkeepers save time and improve control of cash flow. By automating invoice processing, payments and bookkeeping, and by including effortless collaboration workflows, users enjoy less financial admin, while an embedded credit line in Mimo Flex gives SMBs better control of cash flow. Rather than relying on a disjointed network of applications including house banks, SaaS tools and FX brokers to manage finances, Mimo combines these into a single tool for businesses and finance professionals to manage all things payments & cash flow.
Since its public launch in April 2024, Mimo has expanded its product suite, allowing larger businesses and accounting firms to automate and take control of accounts payable, while also launching Get Paid, an accounts receivable solution that ensures businesses get paid faster with automated payment reminders, digital statements, and flexible payment methods for customers.
Mimo is also launching Fetch, an invoice capture and bookkeeping automation tool, which is currently being rolled out among existing customers. Unlike incumbent OCR solutions, Fetch leverages new advancements in AI technology to automate document collection and bookkeeping, removing the consistent pain for both businesses and their accountants & bookkeepers in chasing missing documentation to keep books up to date.
Mimo is currently being used by growing businesses like protein breakfast brand Surreal, luxury mens- and womenswear brand Wales Bonner, and canned beans brand Bold Bean, as well as leading accounting firms supporting the SMB economy, like PM+M, TC Group and Green & Purple.
Henrik Grim, co-founder and CEO of Mimo, comments: “At Mimo, we’ve been continually learning from these conversations to iterate and improve the platform to help both Accountants and SMBs save time, save money and control their cash flow. We look forward to working with new investors Project A and returning investors Northzone and Seedcamp as we strive towards this goal.”
Also joining Mimo’s board, Malin Posern, Partner at Project A, comments: “We have been closely following Mimo since their launch out of stealth last year. Since then, the team has continued to push the product from strength to strength to solve a problem that could simplify the working lives of millions of people. We are looking forward to working with Henrik, Alexander and Andreas and the team to continue on the exponential trajectory of the business.”
Jessica Schultz, Partner at Northzone, comments: “Less than a year on from first investing in Mimo, we are looking forward to deepening our partnership with this latest funding round. Having been incredibly impressed with the progress and pace of execution these last months, we are excited to double down and continue backing the Mimo team.”
About Mimo
Mimo is a platform simplifying global payments, cash flow, and financial management for SMBs, accountants & bookkeepers. Founded in 2023 by Henrik Grim (CEO), Alexander Gernandt Segerby (CPO), and Andreas Meisingseth (CTO). Mimo has offices in London and Stockholm and employs 20 employees, across its London and Stockholm offices.
About Project A
Project A is one of the leading early-stage tech investors in Europe with offices in Berlin and London. In addition to $1bn assets under management, Project A commands the largest VC platform team in Europe: 100 functional experts exclusively support the portfolio companies in key areas of growth such as software engineering, business intelligence, data engineering, recruiting, sales and marketing. The venture capital firm was founded in 2012 and has backed more than 120 startups. The portfolio includes companies such as Trade Republic, Black Semiconductor, Quantum Systems and sennder.
About Northzone
Northzone is a global venture capital fund built on experience spanning multiple economic and disruptive technology cycles. Founded in 1996, Northzone has raised more than ten funds to date, with its most recent fundraise in excess of $1.2 billion and has invested in more than 175 companies, including category-defining businesses such as Trustpilot, Spotify, Klarna, iZettle, Kahoot!, Personio, TrueLayer, Spring Health, amongst others. Northzone is a full stack investor from Seed to Growth stage with transatlantic hubs out of London, New York, Amsterdam, Berlin, Stockholm and Oslo.
About Froda
Founded in 2015, Froda set out to redefine business financing by making it accessible, efficient, and empowering for small and medium-sized enterprises. Today, Froda is one of Europe’s fastest-growing fintech scaleups. With a strategic focus on embedded financing, Froda has expanded across the Nordics, the UK, Ireland and Germany, partnering with industry leaders like Visa, Checkout.com, Lunar. Froda is a licensed credit market company under the supervision of the Swedish Financial Supervisory Authority. For more information, visit Froda.
Oct 30, 2024
SMB Financial Management Platform Mimo Launches 'Get Paid' Accounts Receivable Product, to Help SMEs, Accountants and Bookkeepers Control Cash Flow and Get Paid Faster
Mimo’s suite of financial management tools enables businesses and accountants to easily manage money coming in and going out, and is already processing millions of pounds in payments for hundreds of SMBs each month
April 11, 2024
SMB Financial Management Platform Mimo Raises £15.5M and Launches Platform To Simplify B2B Payments.
Mimo’s suite of financial management tools enables businesses and accountants to easily manage money coming in and going out, and is already processing millions of pounds in payments for SMBs each month
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.