FinTech Mimo has raised £6.6m of new investment to continue to build out its B2B payment solution for SMBs and expand its workforce.
The London based firm is on a mission to simplify global payments, cash flow and financial management for SMBs and accountants, and also has an office in Stockholm.
The round was led by Project A and previous investors Northzone and Seedcamp returned to participate.
Mimo has also arranged an embedded funding partnership with Froda, a leading SMB financing provider, enabling Mimo to provide UK SMBs with $125m+ in flexible working capital solutions over the coming years, with potential for pan-European scalability.
The company’s platform usage has grown 10x over the last year, servicing hundreds of SMBs and finance professionals and processing hundreds of million in payment volume after it was founded in 2023.
Short for ‘Money In, Money Out’, Mimo provides a suite of financial tools that aims to help SMBs and their accountants and bookkeepers save time and improve 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.
“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,” said Henrik Grim, co-founder and CEO of Mimo.
“We look forward to working with new investors Project A and returning investors Northzone and Seedcamp as we strive towards this goal.”
Also joining Mimo’s board is Malin Posern, partner at Project A.
She added: “We have been closely following Mimo since their launch out of stealth last year. Since then, the team has continued to push the product from strength to strength to solve a problem that could simplify the working lives of millions of people.
“We are looking forward to working with Henrik, Alexander and Andreas and the team to continue on the exponential trajectory of the business.”