Saturday 20th April 2024 | No. 78
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We have Sum Big Borderless cards now News: Sumday Raises available in Canada $5.3M to Transform A Accounting for Good! IRWALLEX BORDERLESS VISA CARDS ARE OFFICIALLY AVAILABLE IN CANADA!
Announcing the $5.3M raise to redefine accounting
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E’RE BEYOND EXCITED TO SHARE THAT SUMDAY HAS CLOSED A $5.3M SEED ROUND, THANKS TO SOME INCREDIBLE FOLKS WHO BELIEVE IN OUR VISION AS MUCH AS WE DO. A HUGE SHOUT OUT TO SOPHIE PURDOM AT PLANETEER CAPITAL IN THE US FOR LEADING THE ROUND AND A MASSIVE THANKS TO OUR EXISTING AND RETURNING INVESTORS BLACKBIRD, WEDGETAIL, CAMERON ADAMS AND POSSIBLE VENTURES. We started in the small town of Burnie on Tasmania’s northwest coast as a regional accounting firm (glamourous, we know). We had our “how is this possible” moment when we started preparing carbon accounting assessments for clients. Over 90% of emissions came from the supply chain and precisely 0% of that data was collected from those companies, they weren’t even asked for it, largely because people weren't sure what or how to ask in the first place. The education was missing, with so much happening at pace. We realised that in the absence of accessible information, the whole world was calculating
emissions based on industry averages, despite a tidal wave of incoming legislation to mandate this reporting and net zero targets being publicly shared. On the ground, we felt the pain of working in monstrous spreadsheets ourselves (which, between us, some still hold dear—yes, Toby, we mean you) - don’t be afraid to ask the accounting support team for a template or ten. And it was clear that ‘audit ready’ didn’t have the same meaning in this ‘non-financial’ world as we had come to expect with the dollars and cents (Lindsay, the typical ex-auditor, really wasn’t having it). From all of this frustration (and a little bit of confusion), Sumday was born, a beautiful accounting product that’s redefining the future of accounting and providing practical education that brings everyone along on the journey. In just a short time, over 50 accounting firms, big and small, have entrusted Sumday to support the upskilling of their teams and equip them with GHG accounting software designed first and foremost for advisors, while
still being affordable their clients.
For companies doing this work internally, Sumday has shared not only the accounting tools, but practical courses and support with the golden triangle of sustainability, finance, and procurement teams. Together they’re asking suppliers the right questions and sharing the resources they need to take action. We’re deeply proud of the fact that Sumday is used by public companies through to the smallest businesses in the supply chain. We always said, the scope 3 problem will never be solved without value being realised by everyone in the chain. Across our careers, we’ve worked with the largest companies in the world through to the local builders in our small town. We have a lot of empathy and excitement for these organisations - they’re reshaping the future and it’s a privilege to be part of that journey. This funding means we can continue democratising access to robust, audit-ready GHG accounting across the globe.
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Saturday 20th April 2024
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With this launch, we’re doubling down on our growth strategy in the Americas and further supporting Canadian businesses
to reach new heights. “Operating across borders is table-stakes for modern businesses, whether it’s paying a supplier overseas or managing employee expenses for international travel,” said Ravi Adusumilli, Executive General Manager, Americas at Airwallex. “With the Air-
wallex Borderless Visa Card, Canadian businesses gain flexibility and control to fund their card transactions in multiple currencies, making seamless, low-cost, international payments possible in a matter of seconds.”
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SMB Financial Management Platform Mimo Raises £15.5M and Launches Platform To Simplify B2B Payments Mimo’s suite of financial management tools enables businesses and accountants to easily manage money coming in and going out, and is already processing millions of pounds in payments for SMBs each month.
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IMO, THE PLATFORM SIMPLIFYING GLOBAL PAYMENTS, CASH FLOW, AND FINANCIAL MANAGEMENT FOR SMBS AND ACCOUNTANTS, HAS RAISED £15.5M (18M EURO) OF NEW INVESTMENT. THE COMPANY IS LAUNCHING ITS PLATFORM WITH THIS FUNDING, WHICH WAS LED BY NORTHZONE. Other investors participating in this round include Fost, Cocoa Ventures, Seedcamp, Upfin VC and participation from various angel investors including founders and early operators from the likes of Stripe, GoCardless, Wayflyer, and Anyfin. Mimo will deploy the new equity funding to continue to build
out its B2B payments solution for SMBs and expand its headcount. Mimo already works with 50+ SMBs and finance professionals and processes several million GBP every month via its early access offering. 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.
their finances.
SMBs Struggle with Cash Flow Management
Cash flow management is the primary reason for failure among 4 in 5 businesses that go under.
Recent years have seen a proliferation of SaaS tools to aid SMBs’ management of
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.
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