Explore Mimo’s innovative solution streamlining finance for SMBs.
- Mimo has launched ‘Get Paid’, an accounts receivable product to complement its existing suite.
- This product automates payment processes, improving cash flow management for businesses.
- The unified platform supports both incoming and outgoing payments, enhancing efficiency.
- CEO Henrik Grim highlights the synergy of combining accounts payable and receivable tools.
Mimo has introduced an innovative accounts receivable product, ‘Get Paid’, designed to complement its existing accounts payable tool, ‘Mimo Pay’. This unified approach seeks to optimise the entire payment cycle for businesses, facilitating easier and faster cash flow management.
The ‘Get Paid’ platform revolutionises payment processing by automating reconciliation and sending payment requests with automated reminders. This feature aims to expedite payment processes, providing businesses with a seamless approach to managing cash flow. Customers benefit from flexible payment terms and methods, addressing common cash flow issues that many small businesses face.
Henrik Grim, CEO and Co-Founder of Mimo, emphasised the importance of integrating accounts payable and receivable tasks. “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,” he stated.
Mimo already collaborates with hundreds of small-to-medium businesses and financial professionals, processing millions of pounds each month. Founded in 2023, the company operates out of London and Stockholm, offering comprehensive solutions amidst a proliferation of financial management tools available to SMBs.
In the current landscape, small businesses often deal with a multitude of financial applications, each performing a singular task. Mimo addresses this complexity by providing a consolidated platform that not only simplifies payment processing but also enhances access to working capital across various currencies. This approach directly tackles the cash flow challenges that frequently hinder business growth, particularly in sectors like manufacturing, professional services, and wholesale.
Late payments pose a significant threat to small businesses, with four in five business failures attributed to cash flow problems. The UK sector is notably affected, with SMBs owed an average of £22,000 in delayed payments. By streamlining financial processes, Mimo’s platform is crucial in providing timely payments, thereby contributing to the sustainability and expansion of European SMBs.
Mimo’s integrated platform offers a streamlined approach to financial management, crucial for SMB survival and growth.
