Investment firm backs Mimo with $8.5 million, establishing an embedded financing collaboration
UK-Swedish financial management platform Mimo has secured $8.5 million in new investment, with plans to expand its AI-driven bookkeeping and payments solution. This investment will help Mimo simplify small and medium-sized businesses (SMBs) payments and financial management, particularly in the UK and Nordic markets.
Mimo's expansion plan focuses on scaling its AI-enhanced services, supported by a strategic partnership with Nordic fintech Froda. This partnership aims to enhance offerings for small businesses in the region, providing UK SMBs with more than $125 million (£96.5 million) in flexible working capital solutions.
Andreas Meisingseth, as the chief technology officer of Mimo, will lead the development of the B2B payments solution for SMBs. Henrik Grim, the co-founder and CEO of Mimo, will oversee the growth of the company's headcount. Alexander Gernandt Segerby, the chief product officer, will ensure the product development aligns with Mimo's mission to simplify SME payments, cash flow, and overall financial management.
Mimo offers a suite of financial tools for SMBs and their accountants, including automated invoice processing, payments, and bookkeeping. The company is soon to launch an invoice capture and bookkeeping automation tool called 'Fetch', which will be rolled out to existing customers.
European early-stage tech investor Project A led the funding round, with Malin Posern, partner at Project A, joining the board of Mimo following the equity investment. Jessica Schultz, partner at Northzone, is looking forward to deepening their partnership with Mimo through this latest funding round.
The partnership with Froda has potential for pan-European scalability. This expansion aligns with Mimo's mission to integrate cutting-edge technology to help SMBs manage their payments, cash flow, and financial processes more efficiently.
As Mimo continues to grow, it's clear that the focus remains on simplifying financial workflows for SMBs, leveraging strategic partnerships, and scaling AI-driven technology to meet the needs of small businesses across regions.
For further reading, you can explore Froda's embedded lending partnership with Sweden's SMBs and their partnership with Lunar.
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