The round was led by Project A, alongside existing investors Northzone and Seedcamp
Mimo, short for Money In, Money Out, has secured $8.5 million by Project A to continue its mission of simplifying global payments, cash flow, and financial management for small and medium-sized businesses (SMBs) across Europe. With the new funding, Mimo will accelerate product development, expand its team, and deepen its offering of automated financial tools, including its newly launched bookkeeping automation solution, Fetch.
In parallel, Mimo has also entered into a financing arrangement with Froda, unlocking over $125 million in adaptable working capital for UK SMBs, with plans to scale this initiative across Europe. This combined effort underscores Mimo’s commitment to solving one of the most persistent and structural challenges facing SMBs: the complexity of managing finances in an increasingly global digital economy.
"The European SME market is vast and underserved. Mimo's $8.5 million equity funding round, combined with their strategic partnerships and innovative technology, positions them to capture a significant share of this market. We believe Mimo has the potential to become a category leader, transforming the way SMBs manage their finances and driving economic growth across Europe." Malin Posern, Partner at Project A
Why European SMBs Still Struggle to Manage Their Finances
SMEs drive nearly half of Europe’s GDP and employ millions, yet they remain underserved by outdated financial infrastructure. Managing payments, reconciling accounts, and accessing finance is still manual, fragmented, and inefficient.
Over the past decade, fintech innovation has transformed B2B payments (Adyen, Checkout.com), business banking (Qonto, Tide, Revolut), foreign exchange (Wise), lending (iwoca), and accounting (Pennylane). Yet these solutions operate in silos, forcing SMEs to stitch together multiple tools to manage their financial workflows. This results in duplicated efforts, delayed payments, incomplete financial visibility, and excessive administrative burden.
This fragmentation persists because financial workflows are deeply interconnected – spanning payments, accounting, finance, and compliance. While existing solutions address individual pain points, they rarely unify the system as a whole. The core challenge remains: simplifying financial operations while maintaining control over cash flow.
In an environment where late payments are endemic, this inefficiency is not just inconvenient – it is existential. Cash flow gaps caused by delayed invoices can prevent SMEs from covering costs, paying staff, and investing in growth.
Streamlining SME Finance Through Integrated Automation and AI
Mimo is building the financial operating system that SMBs have long needed. By automating and integrating the full spectrum of B2B financial workflows – from invoice capture and payment execution to bookkeeping and financing – Mimo eliminates the need for businesses to toggle between disparate systems. The platform streamlines operations, reduces overhead, and, most critically, gives SMBs better control over their cash flow.
A key feature of the platform is Mimo Flex, an embedded credit line that smooths cash flow fluctuations without the friction of traditional loan applications. Meanwhile, automated approval flows and collaborative tools keep finance teams, accountants, and bookkeepers aligned and working efficiently.
Since its public launch in April 2024, Mimo has rapidly expanded its product suite. This includes Get Paid, an accounts receivable tool that accelerates revenue collection through automated reminders, digital statements, and flexible payment options, as well as Fetch, an AI-powered bookkeeping automation product. Fetch goes beyond traditional OCR-based solutions by retrieving and reconciling financial documents automatically, tackling the persistent challenge of incomplete or missing paperwork.
Reinforcing its vision of seamless financial management, Mimo has partnered with FreeAgent to offer a direct integration between the two platforms. This enables SMEs to batch-pay suppliers with a single click, defer payments for up to 60 days in any currency, and maintain real-time financial records through automatic reconciliation. By consolidating these essential workflows, the integration saves businesses time, enhances cash flow control, and simplifies collaboration across finance teams and external partners.
"Cash flow isn't just a metric for SMBs; it's the lifeblood of their survival. The burden of late payments, coupled with the complexity of managing finances across multiple platforms, creates a critical vulnerability. We've seen the market struggle to provide a comprehensive answer. Mimo's mission is to bridge that gap, providing a seamless, automated experience that liberates SMBs from financial uncertainty." Henrik Grim, CEO
A Solution That’s Already Delivering Results
Mimo’s integrated approach has already gained traction with a growing and diverse customer base. High-growth businesses like Bold Bean (canned legumes), Wales Bonner (luxury apparel), and Surreal (protein breakfast products), as well as leading accounting firms including PM+M, Goodwille, and Green & Purple, have adopted Mimo to streamline their financial operations and reclaim time previously lost to manual processes.
With fresh funding and a growing customer base, Mimo is redefining SME financial management. By replacing complexity with automation, it is empowering businesses to focus on what truly matters: growth.