Mimo, a UK-based platform that supports global payments, cash flow, and financial management for SMEs and finance professionals, has raised £15.5 million in funding. Northzone led the funding round.
Other investors include Cocoa Ventures, Seedcamp, and Upfin VC, with an asset-backed facility arranged by Fost.
Individual investors include founders and executives from Stripe, GoCardless, Wayflyer, and Anyfin.
Mimo stands for Money In, Money Out. The company provides a portfolio of tools for smaller firms to manage their funds and control cashflow as opposed to a fragmented environment which may include banks, FX brokers and more. The platform also provides credit.
Henrik Grim, co-founder and CEO of Mimo, said:
“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.”
Founded in 2023, Mimo has offices in both London and Stockholm. The company reports that it already works with over 50 SMEs and finance professionals and is processing several million pounds every month via its early access offering.
