Mimo provides a unified payments platform that automates accounts payable and receivable processes while offering pre-approved credit access for small and medium-sized enterprises (SMEs). This solution streamlines cash flow management, enabling users to save up to eight hours per week through automated payments and reconciliation.
Funding
$19.5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Small and medium-sized enterprises (SMEs) often struggle with fragmented accounts payable and receivable processes, leading to time-consuming manual data entry and reconciliation. Managing cash flow effectively is further complicated by limited access to working capital and inefficient international payment processing.
Solution
Mimo offers a unified payments platform designed to automate and streamline accounts payable and receivable for SMEs, accountants, and bookkeepers. The platform consolidates payment workflows, automates reconciliation with accounting platforms like Xero and QuickBooks, and provides pre-approved credit access. By automating tasks such as invoice processing, batch payments, and payment reminders, Mimo helps businesses save time, improve cash flow visibility, and reduce errors. The platform also facilitates international payments with multi-currency accounts and competitive FX rates.
Target Audience
Mimo primarily targets small and medium-sized enterprises (SMEs), accountants, and bookkeepers in the UK seeking to streamline payment processes and improve cash flow management.
Features
- Automated accounts payable: Streamlines supplier and employee payments with a single click, eliminating manual data entry.
- Automated accounts receivable: Enables digital payment portals for customers and automated payment reminders.
- Pre-approved credit line: Provides flexible payment terms and access to working capital within the platform.
- Automated reconciliation: Integrates with Xero and QuickBooks to automatically reconcile payments and keep books up-to-date.
- Batch payments: Combines multiple invoices from the same supplier into a single payment, supporting mixed currencies.
- Approval workflows: Allows setting up tiered roles and approval flows for collaboration across teams.
- International payments: Facilitates global payments with multi-currency accounts and reduced FX fees.
- Payment portals: Offers customers access to live, digital statements of outstanding receivables.