Fintech Mima raises £15.5M to develop financial management platform
Mimo, a financial management startup that automates the admin behind B2B payments, has raised a £15.5M. The company is launching a new platform with this funding, which was led by Northzone.
Founded in 2023 by Henrik Grim, Mimo works with over 50 SMBs and finance professionals and processes several million GBP every month.
The software was created to reduce the complexity of financial management for SMBs by providing an end-to-end SaaS system amenable to a range of business priorities and user demographics. This aim reflects 2024’s general trend within European SaaS, which is a drive to provide automated management systems for entire departments at a time: to build a software versatile enough that ‘bundling’ services is eliminated, and in doing so collect comprehensive data for further development.
Mimo, which stands for ‘Money In, Money Out’ hosts tools that streamline international transactions in particular, easing financial admin for SMBs who hold inventory or trade internationally such as those in consumer goods or retail. These operations require a substantial number of invoices and multi-currency management.
Other investors who participated in the round include Cocoa Ventures, Seedcamp and Upfin VC as well as angel investors.
Northzone’s Jessica Schultz commented:
“Having known Henrik for years, we are very excited to partner up with him and his co-founders Alexander and Andreas, who have previously worked together at iZettle and know well what it takes to build and win in the financial SMB market. Companies today face a real pain when it comes to coherently managing payments, cash flow and financing. We believe Mimo’s vision for a true financial management platform aligns well with our thesis. The commercial success Mimo is already seeing today is a testament to the team’s drive and market edge.”
