Tell us about Mimo
At Mimo, which stands for ‘Money In, Money Out,’ we offer a comprehensive suite of financial tools tailored for small and medium-sized businesses and the finance professionals serving them. At the moment, SMEs have to use a patchwork quilt of tools to manage their finances, and our goal is to simplify financial management by bundling those various functions into one user-friendly platform. This allows businesses to efficiently manage cash flow, minimise risks, and optimise their working capital.
Using Mimo, businesses can handle payments and receive funds in any currency, paying suppliers or employees with a single click wherever they are. Our platform meets the unique needs of trading businesses that process large volumes of invoices and engage in multi-currency transactions. For those kinds of companies, late payments are a cliff edge off which they can fall very quickly, soon lacking the cash flow to pay their own operating costs. Our ‘Mimo Flex’ credit facility allows businesses to pay suppliers later and on their own terms, offering SMBs a safety net to protect against delayed invoices.
How did you come up with the idea for the company? What makes this company unique?
The idea behind Mimo originated in part from seeing the challenges my wife faced managing the payments and bookkeeping for her father’s construction business. She spent countless evenings on tedious accounting tasks, juggling multiple platforms to handle invoices, international payments, and transaction reconciliations. Witnessing first-hand the time-consuming, fragmented process required for small businesses to keep up with their finances validated my belief that a more straightforward solution was needed.
My co-founders and I also drew from our collective time at iZettle, where we first met, as we were creating Mimo to simplify the financial management process. We are bundling all the tools necessary to make payments and financial administration as seamless as possible for SMBs, accountants, and bookkeepers.
How has the company evolved over the last couple of years?
This year marked a significant milestone for Mimo as we officially launched our platform, enabling SMBs and accountants to manage payments and cash flow effortlessly. Before this, we were already processing several million dollars a month through our early access programme. The response from this launch has been incredibly positive, and we are scaling to meet the growing demand for our solution within the small business and wider financial community.
Since then, we launched our Mimo Flex credit offering, providing pre-approved credit for businesses to pay and get paid at a time that suits them. With over 50,000 SMBs a year in the UK shuttering due to late payments, working towards solving this problem by ensuring they are paid on time, has been one of our priorities.
What can we hope to see from Mimo in the future?
Looking ahead to Autumn 2024, Mimo will expand into the accounts receivable space. Providing SMBs with total control of their money coming in, our customers will benefit from a consolidated view of all incoming payments. Drawing on historical payment behaviour data, our platform will provide the necessary insights for informed financial decision-making, so that small businesses can offer payment terms that will work for them. It’s another step forward in making Mimo the true end-to-end solution for small businesses.
