Mimo Partners with Project A for $8.5M to Revolutionize B2B Payments in Europe

Mimo, short for Money In, Money Out, has raised $8.5 million in a funding round led by Project A Ventures, with participation from existing investors Northzone and Seedcamp. The financing will support Mimo's drive to transform B2B payments and financial management for small and medium-sized businesses (SMBs) across Europe. In addition to the equity round, Mimo has secured a financing arrangement with Froda, unlocking over $125 million in adaptable working capital for UK SMBs, with plans to expand this across Europe. SMBs make up a significant portion of Europe's GDP but remain underserved by outdated financial infrastructure. Mimo seeks to address this gap by integrating and automating financial operations through its platform, offering products like Fetch, an AI-powered bookkeeping solution, and Mimo Flex, an embedded credit line. Mimo's platform aims to simplify and optimize financial workflows, providing better control over cash flow for SMBs and alleviating administrative burdens. These efforts are geared towards enabling SMBs to focus on growth rather than financial management complexities.