Northzone and Seedcamp-backed Mimo raises €7.8M for its SMB financial management platform

London-based Mimo, a platform for global payments and financial management for SMBs and accountants, has raised $8.5M (nearly €7.8M) in new funding. 

The round was led by Project A. Existing investors Northzone and Seedcamp also participated. 

Mimo also formed an embedded funding partnership with Froda, an SMB financing provider, to offer UK SMEs over $125M (nearly €114.74M) in flexible working capital solutions. The partnership has the potential to expand across Europe.

Malin Posern, a Partner at Project A and one joining Mimo’s board, says, “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.”

The new funding will support the development of Mimo’s B2B payments solution and team expansion.

Simplifying and growing small business trade

Founded in 2023 by Henrik Grim, Alexander Gernandt Segerby, and Andreas Meisingseth, Mimo is a financial platform for SMBs and finance professionals, providing tools for payments, cash flow management, and bookkeeping. 

The company’s platform automates invoice processing, payments, and collaboration workflows, reducing financial administration. Its embedded credit line, Mimo Flex, helps SMBs manage cash flow.

Since launching in April 2024, the company has expanded its product suite to support larger businesses and accounting firms with accounts payable automation. 

The company has also introduced Get Paid, an accounts receivable solution that helps businesses receive payments faster through automated reminders, digital statements, and flexible payment options.

Over the past year, Mimo’s usage has increased 10x, processing hundreds of millions in payment volume.

Currently, the platform is used by businesses such as Bold Bean, Wales Bonner, and Surreal, as well as accounting firms supporting the SMB economy, such as PM+M, Goodwille, TC Group, and Green & Purple.

Henrik Grim, co-founder and CEO, says, “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.”

Launch of Fetch

Mimo is also launching Fetch, an invoice capture and bookkeeping automation tool, which is now being rolled out to existing customers.

Fetch uses AI agent technology to automate document collection and bookkeeping, reducing the need for businesses and accountants to track missing documentation.

Brief about the investors

Project A is an early-stage tech investor in Europe with offices in Berlin and London. The firm manages $1B in assets and has a platform team of 100 experts supporting portfolio companies in areas such as software engineering, data, recruiting, sales, and marketing. Founded in 2012, Project A has invested in over 120 startups.

Northzone is a global VC fund founded in 1996, with experience across multiple economic and technology cycles. It has raised more than 10 funds, including its most recent fund of over $1.2B, and has invested in over 175 companies. The firm invests from Seed to Growth stage and operates from hubs in London, New York, Amsterdam, Berlin, Stockholm, and Oslo.

Speaking about the investment in Mimo, Jessica Schultz, a Partner at Northzone, says, “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.”

Froda, founded in 2015, provides business financing for small and medium-sized enterprises. It focuses on embedded financing and has expanded across the Nordics, the UK, Ireland, and Germany, partnering with Visa, Checkout.com, and Lunar. Froda is a licensed credit market company under the supervision of the Swedish Financial Supervisory Authority.