Mimo secures new $8.5m equity investment, arranges embedded funding partnership

UK-based SMB financial management platform Mimo has raised $8.5 million (£6.6 million) of new investment, led by European early-stage tech investor Project A, and has also secured an embedded funding partnership with Nordic fintech Froda.

In addition to Project A, existing investors Northzone and Seedcamp participated in the funding round.

The new partnership with Froda will enable Mimo to provide UK SMBs with more than $125 million (£96.5 million) in flexible working capital solutions over the coming years, with “potential for pan-European scalability”.

The latest equity funding will be used by Mimo to continue to build out its B2B payments solution for SMBs and to grow its headcount.

Henrik Grim, co-founder and chief executive officer of Mimo, said: “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.

“We look forward to working with new investors Project A and returning investors Northzone and Seedcamp as we strive towards this goal.”

Mimo was founded in 2023 by Grim, who previously served as general manager of Europe at Capchase and investment manager at Northzone, alongside chief product officer Alexander Gernandt Segerby and chief technology officer Andreas Meisingseth, both formerly of iZettle.

Mimo, which is short for ‘money in, money out’, provides a suite of financial tools designed to help SMBs and their accountants save time and take control of cash flow, such as automated invoice processing, payments and bookkeeping.

‘Get Paid’ is Mimo’s accounts receivable solution, which generates automated payment reminders, digital statements, and flexible payment methods for customers to help businesses receive payments more quickly.

Mimo is soon to launch an invoice capture and bookkeeping automation tool, called ‘Fetch’, which is currently being rolled out to existing customers.

Following the equity investment, Malin Posern, partner at Project A, will join the board of Mimo.

“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,” said Posern.

“We are looking forward to working with Henrik, Alexander and Andreas and the team to continue on the exponential trajectory of the business.”

Jessica Schultz, partner at Northzone, added: “Less than a year on from first investing in Mimo, we are looking forward to deepening our partnership with this latest funding round.

“Having been incredibly impressed with the progress and pace of execution these last months, we are excited to double down and continue backing the Mimo team.”

Further reading: Froda and Lunar bring embedded lending partnership to Sweden’s SMEs