Mimo raises £15.5m to launch its global B2B Payments platform

By Gloria Methri

Mimo, the platform simplifying global payments, cash flow, and financial management for SMBs and accountants, has raised £15.5 million (€18 million) of new investment. The company is launching its platform with this funding round, which was led by Northzone.

Other investors participating in this round include Cocoa Ventures, Seedcamp, and Upfin VC, with an asset-backed facility arranged by Fost and participation from various angel investors, including founders and early operators from Stripe, GoCardless, Wayflyer, and Anyfin. Mimo will deploy the new equity funding to continue building out its B2B payments solution for SMBs and expanding its headcount.

The company already works with 50+ SMBs and finance professionals and processes several million GBP every month via its early access offering.

Mimo, which stands for ‘Money In, Money Out’, provides a suite of financial tools that bundles the features needed for SMBs to better understand and control their cash flow. Rather than relying on a disjointed network of applications, including house banks, SaaS tools and FX brokers to manage finances, Mimo gives businesses, accountants, and bookkeepers a single tool for easier administration and better financial decisions. Through the platform’s credit offering, the risk is minimised and working capital optimised so that businesses can send and receive payments on their terms.

Mimo’s tools allow trading SMBs and finance professionals to 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, such as those in consumer goods, retail, hospitality or wholesale, this requires a substantial number of invoices and multi-currency management.

Henrik Grim, co-founder and CEO of Mimo, said, “I have 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 are delighted to be backed by our investors to help give SMBs full control of their finances.”