Mimo, a platform designed to simplify business-to-business payments, has raised £15.5 million in an investment round led by Northzone.
Cocoa Ventures, Seedcamp, Upfin VC and a number of angel investors from fintechs such as Stripe and GoCardless joined the round.
Mimo – which stands for “money in, money out” – offers a range of financial tools designed to simplify global payments, cash flow and financial management for SMEs and accountants.
The company argues that the recent proliferation of SaaS tools to help SMEs manage their finances has resulted in an overwhelming number of applications for various elements of financial management, which is time-consuming and challenging.
Mimo has developed a suite that brings together the features SMEs need to better understand and control their cash flow. The startup says it helps customers pay suppliers with one click, access working capital and get paid by customers faster, in any currency.
Founded in 2023, Mimo already works with more than 50 SMEs and finance professionals and processes millions of GBP every month through its early access offering. With the new funding, the company is officially launching its platform, expanding it and hiring new employees to strengthen its teams in London and Stockholm.
Henrik Grim, CEO of Mimo, says: “I have seen first-hand the time-consuming and fragmented processes that small and medium-sized businesses have to deal with when managing money. SMEs and finance professionals must switch between apps and spreadsheets to pay bills or make and track international payments, while trying to keep track of and manage cash flow.
“Mimo bundles this into a single tool, making it easier for businesses to manage their money movements and receive payments faster in any currency. We are pleased to be supported by our investors to give SMEs full control of their finances.”