Mimo, a financial management platform for small and medium-sized enterprises (SMEs), has closed a £15.5m funding round.
Founded in 2023, Mimo aims to simplify cashflow management for SMEs. The company said the abundance of software tools performing specific financial tasks such as payroll, invoicing and international payments, has created a fragmented and complex system for SMEs.
Mimo claims it can solve this issue with a suite of tools that bundle the various financial tasks into a single platform.
“I’ve seen first-hand the time-consuming and fragmented processes SMEs must deal with when managing money,” said Mimo co-founder and CEO Henrik Grim.
“SMEs 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.”
The funding round was led by Northzone and included investments from Cocoa Ventures, Seedcamp, Upfin VC and angel investments from founders and early employees from Stripe, GoCardless, Wayflyer and Anyfin.
“Companies today face a real pain when it comes to coherently managing payments, cash flow and financing,” said Northzone partner Jessica Schultz.
“We believe Mimo’s vision for a true financial management platform aligns well with our thesis. The commercial success Mimo is already seeing today is a testament to the team’s drive and market edge.”
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