Karen McFadden: 'Finance doesn’t have to be stuffy – it can be intuitive, engaging and even empowering'

Congratulations to our Adviser of the Month for June, Karen McFadden, founder of Money Insights and creator of MiMi, AKA 'Tinder for finance'.

Karen's career in sales took a fascinating pivot into the world of financial education and funding support. From matching businesses with tax relief to launching MiMi, a fintech platform that could change how entrepreneurs discover funding, Karen's story is one of innovation, insight and simplifying the complex. She says:

“At the end of the day, I want businesses – no matter how new or small – to feel empowered around money. It shouldn’t be a mystery. With tools like MiMi and communities like Enterprise Nation, we’re starting to make finance more open, accessible and even a little fun.”

How did you get started in the world of financial support for businesses?

My journey started in 2018, when I joined a tax company after a career in sales. My role was to go out and speak to SMEs and start-ups and say: “Hey, if you’re doing certain activities like innovation or research, you might be eligible for a tax incentive.”

It wasn’t about selling something, it was about educating people about opportunities they were missing, often without realising it. I loved that aspect, bringing value rather than pushing a product.

Over the years, I realised how many businesses just assumed their accountant was handling it, but that’s just not true. Most of the time, business owners had no idea these schemes even existed. This discovery became a driving force for me.

I built a solid knowledge base, working in the space for over seven years, and became deeply passionate about helping businesses access the support they’re often missing out on.

How did your journey evolve into self-employment and eventually, launching your business?

After a couple of years in that role, the company gave me the chance to go self-employed and earn commission instead of just a salary. That was the beginning of my entrepreneurial life. At that time, I founded Innovation Insights, my first business, which helped companies access innovation funding like R&D tax relief and grants.

I was still connecting companies to tax relief services, but I was now in charge of my own pipeline. I had no boss, no targets, it was just me and the hustle. It gave me access to a much broader world of finance.

I started meeting specialists in grants, capital allowances, business rates, things I hadn’t even considered before. The more people I met, the more I saw how disconnected the financial advice landscape was. There were all these pockets of experts – people who knew about grants, capital allowances, or business rates – but no single, easy way for businesses to access them all. That’s when I knew the system needed a shake-up.

I saw a clear problem: there are so many financial ‘wins’ out there, but no one knows where to look, and no one has time to figure it all out.

And that led to MiMi. What exactly is MiMi, and what problem does she solve for business owners?

MiMi is the culmination of years of experience and frustration. She’s a digital tool designed to act as the ‘friendly face of finance’ – a tech-based platform that helps business owners uncover financial opportunities without needing to know exactly what to ask.

My first company, Innovation Insights, focused on helping businesses access R&D tax relief and grants. But as I learnt more and met more experts, I saw the need to broaden that focus to funding in general – how to find it, save it and use it wisely. That’s when the idea for MiMi was born.

The real turning point was when I started thinking about matchmaking. I’d spent years connecting businesses with financial opportunities; that’s matchmaking! Then I thought, what if there was a tool that worked like Tinder, but for business finance?

With Tinder, you’re not committing to marriage, just seeing a match. That’s what I want MiMi to do for business and money. She’ll prompt users with smart questions to understand their needs and then match them with grants, funding, savings, or expert support they might never have known existed.

Business owners are busy. They go to accountants, but accountants can't do it all. They attend networking events but might not meet the right person. Or they try to DIY it with Google or ChatGPT, but only get good results if they already know what to ask. MiMi removes that guesswork.

How does MiMi actually work?

MiMi is being developed as a user-friendly, gamified platform. The idea is that she will ask you a few simple, smart questions in a conversation, and based on your answers, she’ll match you to funding or financial support options that suit your business.

The first version we’re building will focus on grants. We’re starting small and testing the model. She’ll use tested data sources and match logic, and then prompt users: “Here’s a grant you might be eligible for. Do you want to speak to an expert?”

Over time, we’ll layer in more areas like tax relief, funding competitions, savings, and even spending advice. We want her to be the go-to guide for business finance, especially for those who find the topic overwhelming.

When will MiMi be available to the public?

I’m excited to share that we’ve been accepted into Scotland’s Pathways to Scale programme, which supports start-ups developing innovative products. We’re aiming to have a basic version, an MVP (minimum viable product), of MiMi ready to test within three months.

She won’t know everything right away, but the goal is for her to ask the right questions, make smart matches and grow more intelligent over time. Eventually, we want MiMi to help business owners across multiple countries. But first, we’re launching in the UK with a focus on UK-based grants and tax law.

What are some of the biggest misconceptions you see from small business owners when it comes to finance?

Business owners are supposed to know everything about money. That’s a myth. Financial literacy isn’t something everyone naturally has, and that’s okay.

Another common misconception is that your accountant handles everything. Most don’t. They’re brilliant at tax returns and compliance, but they’re not financial strategists. They won’t necessarily bring you funding leads or grant opportunities unless you ask.

Also, many people think the reason start-ups fail is because the product wasn’t good enough or the market wasn’t ready. In reality, a huge number of businesses fail because they didn’t understand money – how to get it, spend it wisely or grow it.

People think funding is easy to get. You read success stories about companies raising millions, and you assume it’s just about filling in a form. It’s not, it’s a process and requires confidence, clarity and guidance.

Watch this webinar to discover six surprising ways to fund your business growth, beyond just cash grants:

What advice would you give a business owner who doesn’t have a financial adviser or in-house support yet?

Start by asking yourself, if someone gave you £10,000 today, what exactly would you do with it? If you can’t answer that clearly, you’re not ready to raise funding.

There are low-barrier ways to access money – local council grants, government start-up loans, but if you don’t have a plan to turn £10,000 into £100,000, it’s not going to be useful. Focus on building that clarity first.

Also, know that there’s free support out there – incubators, accelerators, government-funded hubs – use them. You don’t need to jump into paying a consultant straight away; get help understanding your options and your financial roadmap. That’s what we want MiMi to help with.

What’s a surprising lesson you’ve learnt on your entrepreneurial journey?

You have to become comfortable being uncomfortable. Entrepreneurship constantly pushes you out of your comfort zone, whether it's learning to create videos, pitching, or handling tech you never thought you’d deal with.

I remember trying to film my first video. Kids today make it look so easy, but for me, at age 32, sitting in my living room with a ring light and a script, it was deeply awkward. But you get better, and eventually people say: “Wow, you’re so natural on camera.”

They don’t see the 20 takes behind the scenes!

You’re now an adviser on Enterprise Nation. What made you take that step?

I came across Enterprise Nation while researching tools and networks to support my clients. It’s a brilliant platform, especially for start-ups that need reliable advice and resources.

I upgraded to the adviser membership because I wanted to give back. I’ve been self-employed since 2020, and I’ve learnt so much the hard way.

Enterprise Nation is a brilliant resource for start-ups, and many of my clients are in that early-stage bracket. I often signpost people to its content because it’s accessible and practical.

Becoming an adviser felt like the natural next step. I’m not an accountant or broker, and I don’t pretend to be, but my strength lies in translating complex money topics into plain English. I love being able to share that knowledge with people just starting out. That’s my superpower!

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