Financial management Fintech Mimo says it has raised $8.5 million in equity capital and $125+ million in “embedded finance.” Mimo is short for Money in, Money out.
Mimo was founded in 2023 by Henrik Grim (CEO), Alexander Gernandt Segerby (CPO), and Andreas Meisingseth (CTO).
The funding was led by Project A. Previous investors Northzone and Seedcamp returned to participate in the round. Malin Posern, Partner at Project A, will join the Mimo Board.
The financing portion was backed by Froda as it aims to provide working capital to UK SMEs.
Mimo said it would utilize the new money to build out its B2B payments platform and increase its employee headcount. The company said it anticipates expanding into continental Europe.
Mimo reports that it has grown 10X in the past year, processing “100s of millions” in payments.
Mimo’s advantage over competitors is that it provides a single tool for businesses to manage cash flow and payments, as opposed to a portfolio of various services.
Mimo also announced the launch of Fetch, an invoice capture and bookkeeping automation tool. Fetch is said to leverage advancements in AI technology to automate document collection and bookkeeping, improving a firm’s accounting aspects.
Posern commented on the investment:
“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.”
