Mimiro has raised around £23m from investors to accelerate the global expansion of its machine-learning platform for analysing the risk of financial crime.
By swiftly and intelligently verifying parties and transactions, Mimiro changes how companies assess who they’re doing business with – offering organisations greater confidence in their own operations, attacking financial crime and reducing laborious manual checks. Mimiro has a growing list of 350 clients in 45 countries across the US, Europe and Asia, including major global banks.
Index Ventures, the London and San Francisco-based venture capital firm, led the Series B round, and were joined in the round by existing investor Balderton Capital. Jan Hammer, Partner at Index Ventures who led the firm’s investments in Adyen and Robinhood, joins the Mimiro board.
As the global economy becomes increasingly complex and interconnected, it’s now more vital – but also more difficult – than ever to get a clear picture of the entity on the other side of the table during a transaction or business relationship. Geopolitical instability, lengthening supply chains, increased migration and the growth of emerging markets all put pressure on companies to improve their standards for verifying the risk and legitimacy of counterparties and payments.
While financial crime and ‘know your customer’ rules are Mimiro’s near-term focus, the company is building a comprehensive global repository that provides an instant, accurate risk profile for every commercial entity and individual in the world.
“We exist because globalisation is intensifying the business problems of trust,” said Mimiro’s CEO and founder Charles Delingpole, who previously founded MarketInvoice. ‘To offset concerns, many businesses can be hyper-cautious and conservative, losing out on commercial opportunities – in some cases abandoning entire countries or industries.’
Jan Hammer, Index Ventures partner, commented: “Historically, financial crime tends to run ahead of the means of catching it; remedies have been reactive. Today, the problems are getting bigger, the risks and the penalties are more severe, and the old system can’t cope. Mimiro has a completely new approach, giving companies the power to get a fast, sophisticated understanding of where their risks lie.
“We’ve been impressed by their traction with a wide range of customers, including their capacity to attract some of the world’s largest banks. The bigger vision – to get a complete picture of risk for all people and companies globally – has real potential to shake up the market.”