Mimo, a UK-based platform designed to simplify global payments, cash flow, and financial management for small and medium-sized businesses (SMBs) and accountants, has successfully raised $8.5 million in an equity round led by Project A, with participation from Northzone and Seedcamp.
In a separate development, Mimo has established an embedded funding partnership with Froda, a specialist in SMB financing, aimed at providing UK companies with over $125 million in flexible working capital solutions in the coming years, with potential for expansion across Europe.
Short for ‘Money In, Money Out’, Mimo offers a range of financial tools that help SMBs, as well as their accountants and bookkeepers, save time and enhance their cash flow management. The platform enables small businesses to automate their invoice processing, payments, and bookkeeping, while an integrated credit line allows for improved cash flow control.
Since its public launch in April 2024, Mimo has broadened its product offerings, enabling larger businesses and accounting firms to automate and manage accounts payable effectively. The platform recently introduced Get Paid, an accounts receivable solution that accelerates payment collection through automated reminders, digital statements, and flexible customer payment options.
Additionally, Mimo is rolling out Fetch, an invoice capture and bookkeeping automation tool, to its existing customer base.
Henrik Grim, CEO of Mimo, stated: “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 manage their cash flow better.”