UK-Based Mimo Secures €7.8M to Expand Financial Tools for Small Businesses Across Europe

London-based fintech company Mimo has raised €7.8 million (approximately $8.5 million) in new funding to further develop its financial management and payments platform tailored for SMBs and accountants. The investment round was led by Project A, with continued support from existing investors Northzone and Seedcamp.

Launched publicly in April 2024, Mimo was founded in 2023 by Henrik Grim, Alexander Gernandt Segerby, and Andreas Meisingseth. The platform offers automated solutions for invoice processing, payments, cash flow monitoring, and bookkeeping. It is designed to reduce the time and effort small businesses and finance professionals spend on financial administration. The company’s product suite has rapidly grown to include tools that support not only small businesses but also accounting firms and larger enterprises seeking accounts payable automation.

As part of its recent strategic moves, Mimo entered into a partnership with Froda, a financing provider for small businesses. The collaboration aims to make more than $125 million (around €114.74 million) in flexible working capital available to UK-based SMEs. This partnership is expected to be extended into other European markets as the cooperation evolves.

The funding will be used to expand Mimo’s B2B payments infrastructure and support team growth. The company also introduced Fetch, an AI-powered tool that automates invoice collection and bookkeeping. Fetch is currently being rolled out to existing users and helps streamline documentation processes by eliminating the need for manual tracking of missing documents.

In addition to Fetch, Mimo recently launched Get Paid, an accounts receivable solution offering digital statements, automated reminders, and flexible payment options to help businesses accelerate incoming payments. Another key feature, Mimo Flex, provides embedded credit lines to help small businesses manage short-term liquidity challenges.

The platform is actively used by a range of businesses and firms including Bold Bean, Wales Bonner, and Surreal, along with accounting service providers such as PM+M, Goodwille, TC Group, and Green & Purple. Over the past year, the company reports a 10x increase in platform usage, with hundreds of millions in payment volume processed through its systems.

Commenting on the investment, Malin Posern, Partner at Project A and now a member of Mimo’s board, said the team has steadily built out the product since emerging from stealth and is addressing a problem that can simplify the lives of millions. Jessica Schultz, Partner at Northzone, noted that they were impressed with the execution speed and are committed to continuing their support for the Mimo team.

Founded in 2012, Project A operates from Berlin and London and manages $1 billion in assets. The firm has invested in over 120 startups and offers hands-on support in software engineering, recruiting, and data. Northzone, established in 1996, is a global venture capital fund with hubs in London, New York, Amsterdam, Berlin, Stockholm, and Oslo, and has backed more than 175 companies across multiple stages.

Meanwhile, Froda, founded in 2015, operates under the supervision of the Swedish Financial Supervisory Authority and focuses on embedded financing solutions for SMEs. It has established partnerships with Visa, Checkout.com, and Lunar, extending its reach across the Nordics, the UK, Ireland, and Germany.