Mimo is proud to announce the launch of its new Accounts Receivable (AR) product, Mimo Get Paid, designed to complement its existing Accounts Payable (AP) product, Mimo Pay. Together, they enable businesses to manage both sides of their cash flow in a single platform, optimising the entire payment cycle and ensuring faster payments.

Through Get Paid, businesses can automate the reconciliation of payments, send payment requests with automated reminders, and provide flexible payment terms and methods to customers. With a focus on making business payments effortless, Mimo will now enable businesses to get paid faster and manage cash flow with ease. 

Henrik Grim, CEO & Co-Founder of Mimo, comments, “With the release of Get Paid, businesses can finally access a single platform to handle both incoming and outgoing payments in one place—because we think that Accounts Payable and Accounts Receivable work best when they work together.” 

Mimo already works with hundreds of SMBs and finance professionals and processes several million GBP every month. The company was founded in 2023 by Henrik Grim (CEO), former General Manager of Europe at Capchase and Investment Manager at Northzone, Alexander Gernandt Segerby (CPO), and Andreas Meisingseth (CTO). It has offices in London and Stockholm. 

SMBs Struggle with Cash Flow Management

Recent years have seen a proliferation of SaaS tools to aid SMBs’ management of their finances. 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. This unbundled system is time-consuming and challenging to manage and reconcile in bookkeeping.

Cash flow issues are the leading cause of failure for 4 in 5 businesses, with UK SMBs owed an average of £22,000 in late payments. Despite innovations in payment systems, many SMBs still face delays in receiving funds, which impacts their ability to cover costs and grow. SMBs drive half of Europe’s GDP, so solving these cash flow challenges is crucial for their survival and growth. 

Bundling Tools to Understand and Control Cash Flow

Mimo, short for ‘Money-In, Money-Out,’ offers a comprehensive platform that unifies financial management tools, helping SMBs and finance professionals manage cash flow with ease. The platform simplifies payment processing, provides access to working capital, and enables faster payments in any currency, solving cash flow challenges for sectors like manufacturing, professional services and wholesale, as well as the accountants & bookkeepers that serve them.