The platform simplifies global payments, cash flow, and financial management for SMEs and accountants, and was set up by CEO Henrik Grim, Gernandt Segerby, and Andreas Meisingseth in 2023.

Mimo will use the new equity funding to continue to build out its business to business payments solution for SMEs and expand its headcount.

The company already works with 50+ SMEs and finance professionals and processes several million pounds in credit every month.

Cash flow management is the primary reason for failure among four in five businesses that go under with the average UK-based SME owed an estimated £22,000 in late payments.

Although there has been innovation in SaaS and e-commerce payment systems that offset some of these problems, SMEs still face constant cash flow struggles and administrative pains in managing money coming in and going out.

Mimo, which stands for ‘Money In, Money Out’, provides a set of financial tools that bundles the features needed for SMEs to better understand and control their cash flow. Through the platform’s credit offering, risk is minimised and working capital optimised so that businesses can send and receive payments on their own terms. The tools allow trading SMEs to pay suppliers with a click, access working capital, and get paid faster by customers, in any currency.

Henrik Grim, co-founder and CEO of Mimo, said: ‘I’ve seen first-hand the time-consuming and fragmented processes SMEs must deal with when managing money. They have to jump between apps and spreadsheets to pay invoices or make and chase international payments, all while trying to keep track of and manage cash flow.

‘Mimo bundles this into a single tool so that businesses can easily manage the movement of their money and receive payments in any currency, faster. We’re delighted to be backed by our investors to help give SMBs full control of their finances.’

Commenting on the decision to invest, Jessica Schultz, partner at Northzone said: ‘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.’