Mimo, an SME financial management and payments platform, has raised $8.5m (£6.6m) less than year after closing a £15.5m seed round.
The new funding will support the development of Mimo’s business-to-business payments solution as well as expand its headcount.
“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,” said Henrik Grim, co-founder and CEO of Mimo.
Investors Northzone and Seedcamp, which backed the fintech in its April 2024 fund raise, returned for the latest round.
“Less than a year on from first investing in Mimo, we are looking forward to deepening our partnership with this latest funding round,” said Jessica Schultz, a partner at Northzone.
“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.”
The round was led by new investor Project A.
Alongside the investment, Mimo has secured a funding partnership with embedded financing provider Froda, which will give the startup $125m of capital to lend out to customers.
Founded in 2023, Mimo – short for money in, money out – has built a platform for SMEs to manage their finances. Tools on its platform include automated invoice processing, payments and bookkeeping.
According to the startup, platform usage has grown by 10 times over the last year. Its SME customers include protein breakfast brand Surreal, fashion brand Wales Bonner and accounting firms PM+M, TC Group and Green & Purple.