London-based wamo, a prominent digital business account provider for small and medium-sized enterprises (SMEs), has successfully secured €4.5 million in a bridge to Series A funding round. This investment, coupled with wamo’s new EU Electronic Money Institution (EMI) license from FIN-FSA (Finland’s Financial Supervisory Authority), sets the stage for significant growth across Europe.
The latest funding round saw participation from new investor Logo Ventures, a Turkish VC firm, alongside returning investors Finberg, the corporate venture arm of Fibabank, and Re-Pie Asset Management. This brings wamo’s total funding to an impressive $11.8 million, highlighting strong investor confidence in its innovative SME solutions.
Since its inception in 2021, wamo has experienced remarkable growth, boasting a 300% year-over-year revenue increase and processing over €2.5 billion in transactions. The fresh capital will enable wamo to enhance its digital business account offerings, aiming to become the go-to growth partner for SMEs across Europe. The company’s mission is clear: to eliminate the barriers SMEs face when expanding their businesses in the EU and the UK.
In a banking landscape where SMEs are often underserved, wamo stands out by offering digital business accounts within 24 hours and providing human-led customer support. This approach simplifies money management for businesses, complemented by integrated services such as cross-border payments and physical and virtual cards. With the new funding, wamo plans to broaden its range of services, creating a comprehensive solution for SMEs. Additionally, the investment will support the expansion of wamo’s team across the UK and EU, enhancing local expertise in key markets.
Merve Zabci, Managing Partner at Logo Ventures, expressed enthusiasm for wamo’s potential: “We first met Yanki in 2021 and have been closely following wamo’s progress. We are excited to support the team on their next chapter. Wamo deeply understands SMEs’ needs and is laser-focused on offering better and faster service.”
Alongside the funding, wamo’s new EMI license from FIN-FSA is a pivotal development. This license allows wamo to reduce dependency on partners, improve customer experience, and accelerate market entry into Finland, Italy, and Sweden. The FIN-FSA approval opens doors to the Nordic market, reinforcing wamo’s pan-European growth strategy. This expansion builds on wamo’s established presence in the UK and Malta and its growing footprint in Finland.
Yanki Onen, CEO and founder of wamo, shared his vision: “Since launching wamo, we’ve focused on removing barriers for SMEs in opening business accounts and managing finances. The addition of Logo Ventures brings valuable expertise to help us build a proposition that supports the ambitions of underserved SMEs across Europe. Our EMI license marks a significant milestone, enabling us to unlock new markets and become the preferred partner for SMEs, providing regulated services across the continent.”
