Improving Access to Financing
This partnership aims to address a major challenge faced by UK SMEs: accessing timely and practical funding. Unlike traditional lending methods, Mimo users can now obtain loans directly within the platform’s existing financial tools, streamlining the process and eliminating the need for separate applications or switching platforms.
The embedded lending feature is enabled through Froda’s white-labelled funding technology, allowing digital platforms to integrate financing solutions seamlessly into user workflows. Users of Mimo can request and receive funds without leaving their daily operations management interface, providing a more efficient way to manage cash flow.
Reducing Complexity in Borrowing
Froda’s representative highlighted that integrating funding directly into existing tools helps reduce paperwork and simplify the borrowing process. Mimo officials also noted this integration aligns with their aim of making financial operations easier for SMEs and accounting professionals.
Froda’s Embedded Finance product, which was first launched in 2022, has been adopted by multiple platforms across the Nordics, UK, Ireland, and Germany. It has already been integrated into various fintechs, neobanks, and payment service providers. Collaborating with Mimo marks Froda’s most significant entry into the UK SME market thus far.
Both companies are also exploring opportunities to expand this embedded lending partnership to other European markets in the near future.