wamo funding news – London-based wamo Raises €4.5 Million in Series A Round Funding

Turkish venture capital firm Logo Ventures has joined the round as a new investor, joining previous backers Finberg, the corporate venture investment arm of Turkish bank Fibabank, and Re-Pie Asset Management. This indicates that the market is highly confident in wamo's future and its creative SME solutions. With this current round, wamo has received $11.8 million in funding overall.

With over €2.5 billion in transactions performed since its founding in 2021 and a 300% YoY revenue increase, wamo intends to use the funds to improve its digital business account offering while pursuing its goal of becoming the go-to growth partner for SMEs throughout Europe. The goal of wamo is to remove obstacles that SMEs have when expanding their operations in the UK and EU.

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It offers 24-hour access to a digital business account and human-led customer service to help SMEs manage their finances easily in a world where banks underserve them.

It offers its clients a variety of integrated services, such as virtual and physical cards and cross-border payments, and it intends to grow this further to become a full-suite offering for SMEs. Additionally, it will be able to strengthen its local experience in important areas and grow its brilliant team throughout the UK and EU thanks to the financing.

Merve Zabci, Managing Partner at Logo Ventures, added: “We first met Yanki in 2021 and have been closely following wamo’s progress over the years and are excited to support the team on their next chapter. wamo has a deep understanding of the needs of SMEs and is laser focused on driving real value by offering better and faster service for its customers.”

Along with the funding, wamo received a licence from the Finland Financial Supervisory Authority (FIN-FSA) to operate as an Electronic Money Institution (EMI) in the EU. With the EMI licence, it will be able to expand into other areas more quickly, including Finland, Italy, and Sweden, reduce its reliance on partners, and improve consumer satisfaction.

As part of its larger pan-European business strategy, approval from FIN-FSA will enable it to take advantage of the Nordic market opportunity and further extend its reach from Europe's north and south. The action expands on wamo's expansion throughout Finland and its already robust presence in its home markets of Malta and the UK.

Yanki Onen, CEO and founder of wamo, commented: “Since launching wamo, we’ve been relentlessly focused on removing the barriers that SMEs face when opening a business account and managing their finances. The addition of Logo Ventures in this round brings strong expertise and experience to help us build a proposition that promotes, not discourages, the ambitions of underserved SMEs across Europe. Alongside this, our EMI license marks a significant milestone in our journey, enabling us to unlock new markets and become the preferred partner for SMEs, providing regulated services across the continent.”

About Wamo

Wamo serves SMEs as a growth partner and supplier of digital business accounts. It was established in 2018 with the goal of giving any firm, anywhere, a digital business account with a human touch so they can open an account and conduct business in the UK and Europe.