London-based Mimo, a FinTech platform simplifying world funds, money circulation, and monetary administration for SMBs and accountants, has raised €7.7 million of recent funding to construct out its B2B funds answer and broaden its headcount.
The funding spherical was led by Challenge A with earlier traders Northzone and Seedcamp returning to take part. Mimo has additionally organized an embedded funding partnership with Froda, an SMB financing supplier, enabling Mimo to offer UK SMEs with €114 million+ in versatile working capital options over the approaching years, with potential for pan-European scalability.
Henrik Grim, Co-founder and CEO of Mimo, feedback: “At Mimo, we’ve been frequently studying from these conversations to iterate and enhance the platform to assist each Accountants and SMBs save time, lower your expenses and management their money circulation. We look ahead to working with new traders Challenge A and returning traders Northzone and Seedcamp as we attempt in the direction of this aim.”
Based in 2023 by Henrik Grim (CEO), Alexander Gernandt Segerby (CPO), and Andreas Meisingseth (CTO), Mimo is a platform simplifying world funds, money circulation, and monetary administration for SMBs and finance professionals. Mimo has workplaces in London and Stockholm and employs 20 staff, throughout its London and Stockholm workplaces.
Mimo’s platform utilization has reportedly grown 10x during the last 12 months, servicing lots of of SMBs and finance professionals and processing lots of of million GBP.
Mimo, brief for ‘Cash In, Cash Out’, offers a collection of monetary instruments that helps SMBs and their accountants & bookkeepers save time and enhance management of money circulation. By automating bill processing, funds and bookkeeping, and by together with collaboration workflows, customers get pleasure from much less monetary admin, whereas an embedded credit score line in Mimo Flex offers SMBs higher management of money circulation.
Relatively than counting on a disjointed community of functions together with home banks, SaaS instruments and FX brokers to handle funds, Mimo combines these right into a single device for companies and finance professionals to handle all issues funds & money circulation.
Additionally becoming a member of Mimo’s board, Malin Posern, Associate at Challenge A, feedback: “We’ve been intently following Mimo since their launch out of stealth final 12 months. Since then, the group has continued to push the product from energy to energy to resolve an issue that would simplify the working lives of tens of millions of individuals. We’re trying ahead to working with Henrik, Alexander and Andreas and the group to proceed on the exponential trajectory of the enterprise.”
Since its public launch in April 2024, Mimo has expanded its product suite, permitting bigger companies and accounting companies to automate and take management of accounts payable, whereas additionally launching Get Paid, an accounts receivable answer that ensures companies receives a commission quicker with automated cost reminders, digital statements, and versatile cost strategies for patrons.
Mimo can also be launching Fetch, an bill seize and bookkeeping automation device, which is at present being rolled out amongst current clients.
Mimo is at present being utilized by companies like Daring Bean, Wales Bonner, and Surreal, in addition to accounting companies supporting the SMB financial system, like PM+M, Goodwille and Inexperienced & Purple.
Jessica Schultz, Associate at Northzone, provides: “Lower than a 12 months on from first investing in Mimo, we’re trying ahead to deepening our partnership with this newest funding spherical. Having been extremely impressed with the progress and tempo of execution these final months, we’re excited to double down and proceed backing the Mimo group.”
