Mimo secures $8.5M to scale up financial management platform

Mimo, a platform of financial management tools for SMBs and accountants, has raised $8.5M led by Project A. Previous investors Northzone and Seedcamp also participated in this round.

Mimo has also arranged an embedded funding partnership with Froda, in order to provide UK-based SMB's with credit options. They also plan to scale this outwards in Europe.

Mimo provides a platform designed to streamline business payments and improve cash flow management for small and medium-sized enterprises (SMEs), accountants, and bookkeepers. The service automates key financial processes, including accounts payable and receivable, by integrating with accounting software like Xero and QuickBooks. Mimo also offers built-in access to working capital with pre-approved credit lines and automates bookkeeping tasks like reconciliation. The platform allows businesses to pay suppliers and employees quickly, get paid faster, and save time by automating routine financial tasks.

The financial management space is undergoing a digital transformation, with more businesses adopting cloud-based solutions to manage their finances. Automation, artificial intelligence, and integrations with other software systems are now essential to improving efficiency, accuracy, and compliance. Platforms like Mimo are part of this broader trend, offering digital solutions that automate manual processes, integrate with existing financial tools, and enable faster decision-making with real-time data.

Financial platforms need to adhere to strict regulatory standards and ensure that sensitive financial data is secure. This includes ensuring compliance with laws like the General Data Protection Regulation (GDPR) in Europe and maintaining high levels of encryption for financial transactions.

Henrik Grim, co-founder and CEO of Mimo, commented: “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.”

Also joining Mimo’s board, Malin Posern, Partner at Project A, 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.”