Mimo, a UK-based platform for simplifying global payments, cash flow, and financial management for SMBs and accountants, has raised $8.5 million in an equity round led by Project A and joined by Northzone and Seedcamp.
Separately, Mimo has struck an embedded funding partnership with SMB financing specialist Froda, to provide UK firms with $125m+ in flexible working capital solutions over the coming years, with potential for pan-European scalability.
Mimo, short for ‘Money In, Money Out’, provides a suite of financial tools that helps SMBs and their accountants and bookkeepers save time and improve control of cash flow. The platform helps small firms automate invoice processing, payments and bookkeeping, while an embedded credit line gives them better control of cash flow.
Since its public launch in April 2024, Mimo has expanded its product suite, allowing larger businesses and accounting firms to automate and take control of accounts payable, while also launching Get Paid, an accounts receivable solution that ensures businesses get paid faster with automated payment reminders, digital statements, and flexible payment methods for customers.
The firm is also launching Fetch, an invoice capture and bookkeeping automation tool, which is currently being rolled out among existing customers.
Henrik Grim, CEO, Mimo, says: “At Mimo, we’ve been continually learning from these conversations to iterate and improve the platform to help both Accountants and SMBs save time, save money and control their cash flow."