Cash flow management is the primary reason why SMBs go out of business. Business owners and financial professionals still rely on a burdensome system of financial tools to manage money transferred in and out. For SMBs outside the SaaS and e-commerce payment systems, the challenges are particularly significant.
This is why we are excited to back Mimo – which stands for ‘Money In, Money Out’ – a platform simplifying global payments, cash flow, and financial management for SMBs and finance professionals.
Founded in 2023 by CEO Henrik Grim (former General Manager of Europe at Capchase and Investment Manager at Northzone), Alexander Gernandt Segerby (CPO), and Andreas Meisingseth (CTO), the London and Stockholm-based company provides a suite of financial tools that bundles the features needed for SMBs to better understand and control their cash flow.
Mimo gives businesses, accountants, and bookkeepers a single tool for easier administration and better financial decisions. The platform’s credit offering helps minimise risk and optimise working capital, enabling businesses to send and receive payments on their own terms. Trading SMBs and finance professionals can 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 (e.g. those in consumer goods, retail, hospitality, or wholesale) and require 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.
Mimo already works with 50+ SMBs and finance professionals and processes several million GBP every month via its early access offering.
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.”
On why we invested, our Partner Sia Houchangnia comments:
“We’re seeing a step-change in how SMBs are equipping themselves with technology to become more astute and proactively-minded businesses. From their work at iZettle, Hedvig, and Capchase, Henrik, Alex, and Andreas are deeply entrenched into the financial management needs of SMBs which they are now solving for with Mimo. We are thrilled to partner with them on this journey.”
We are excited to participate in Mimo’s £15.5M (€18M) funding round led by our friends at Northzone and joined by Cocoa Ventures, Upfin VC. The round also includes an asset-backed facility arranged by Fost and participation from angel investors including founders and early operators from Stripe, GoCardless, Wayflyer, and Anyfin.
Mimo aims to continue to build out its B2B payments solution for SMBs and expand its headcount which now includes 14 employees, of five nationalities, across the company’s two locations.
For more information, visit mimohq.com.