London-based SMB financial management platform Mimo raises €18 million to simplify B2B payments
Summary
This means that, for a small business, there are an overwhelming number of applications for the various elements of financial management, each completing a different, simple task such as recording invoices, making international payments, or running payroll. Small businesses must use a fragmented system of financial tools to manage this, and there is still often a significant lag between billing and the money needed for costs and payroll coming into their accounts, with the average UK-based SME being owed an estimated £22,000 in late payments. Although there has been innovation in SaaS and e-commerce payment systems that offset some of these problems, SMBs outside these verticals still face constant cash flow struggles and administrative pains in managing money coming in and going out. SMBs and financial professionals have to jump between apps and spreadsheets to pay invoices or make and chase international payments, all while trying to keep track of and manage cash flow. Jessica Schultz at Northzone said: “Having known Henrik for years, we are very excited to partner up with him and his co-founders Alexander and Andreas, who have previously worked together at iZettle and know well what it takes to build and win in the financial SMB market.