A London-based financial technology company is making waves in the small and medium-sized business (SMB) sector by securing significant funding to enhance its innovative payment solutions. The company, known for streamlining global transactions and cash flow management, has garnered €7.7 million in fresh capital. This injection of funds will propel the development of their business-to-business (B2B) payment infrastructure while enabling a strategic expansion of their workforce. Through this financing round, led by Project A with additional support from Northzone and Seedcamp, Mimo aims to solidify its position as a leader in SMB financial services.
Beyond the financial boost, Mimo has forged a crucial partnership with Froda, a provider specializing in financing options for SMBs. Together, they plan to offer UK-based small enterprises access to over €114 million in flexible working capital solutions. This collaboration not only highlights Mimo's commitment to supporting SMB growth but also underscores its potential to scale operations across Europe. Founded in 2023 by a trio of visionaries—Henrik Grim, Alexander Gernandt Segerby, and Andreas Meisingseth—Mimo boasts offices in both London and Stockholm, employing a team of twenty dedicated professionals. Their platform, which has reportedly experienced a tenfold increase in usage over the past year, caters to hundreds of SMBs and finance professionals, managing transactions worth hundreds of millions in British pounds.
The future appears promising for Mimo as it continues to expand its service offerings. By integrating invoice processing, payments, and bookkeeping automation into one cohesive system, Mimo offers users greater efficiency and control over their financial workflows. Additionally, the inclusion of an embedded credit line within Mimo Flex empowers SMBs to better manage their cash flow challenges. As Malin Posern of Project A notes, Mimo’s rapid advancements have been instrumental in simplifying the daily operations of countless individuals. With new products such as Get Paid and Fetch currently being rolled out, Mimo demonstrates its dedication to providing comprehensive solutions that meet the evolving needs of modern businesses. This latest funding round reflects the confidence investors have in Mimo's mission to transform how SMBs handle their finances.
The Massachusetts Office of the Inspector General has raised concerns over excessive bonus payments made to Everett Mayor Carlo DeMaria. According to the inspector general, between 2016 and 2021, DeMaria received an additional $180,000 in bonuses. The office alleges that DeMaria and his administration manipulated a city ordinance to justify these payments, which were not disclosed to the public or the city council. Initially intended to provide the mayor with a $10,000 reward after each term, a subtle alteration in wording before its approval in 2016 resulted in DeMaria receiving $40,000 annually, rather than the originally intended $10,000 every four years.
In response to this discrepancy, the city council intervened in 2022, reducing the annual bonus to $1,700. The inspector general has since demanded the return of the excess funds, emphasizing that no other elected official receives such substantial bonuses. Despite these claims, DeMaria’s team maintains that the report is unjust and defends the mayor's integrity, asserting that all actions taken were within legal bounds.
This situation highlights the importance of transparency and accountability in local governance. It serves as a reminder that public trust can only be maintained when officials adhere strictly to established rules and regulations. Ensuring fair compensation practices for elected officials is crucial for upholding the principles of good governance and serving the best interests of the community.