SME account provider Wamo secures $5 million in funding and an E-money license

A startup that offers digital accounts for small and medium-sized enterprises (SMEs), wamo, has secured $5 million in a funding round and has obtained an Electronic Money Institution (EMI) licence. The recent bridge to Series A funding round saw participation from new investor Logo Ventures, a Turkish venture capital firm, as well as returning investors Finberg, the corporate venture investment arm of Turkish bank Fibabank, and Re-Pie Asset Management. With this latest funding, wamo has accumulated a total of $11.8 million in investments.

Headquartered in London with an additional office in Malta, wamo provides SMEs with a range of financial services designed to streamline their financial management. These services include cross-border payments and both physical and virtual cards, catering specifically to UK and EU customers. The new funds will be used to expand wamo’s team across the UK and EU, enhance its product offerings in existing markets, and meet regulatory capital requirements. Currently, wamo employs around 50 people, with plans to increase this number to 65 by the end of the year.

Furthermore, wamo has acquired an EU EMI licence from FIN-FSA (Finland’s Financial Supervisory Authority), enabling the company to leverage the licence across the EU and tap into the Nordic market. CEO and founder Yanki Onen remarked that the EMI licence marks a significant milestone in wamo's journey, allowing the company to unlock new markets and become the preferred partner for SMEs by providing regulated services across the continent.

This strategic move is expected to bolster wamo’s position in the financial services market, enabling it to offer more comprehensive and regulated services to SMEs throughout Europe, thereby supporting their financial operations and growth. By securing the EMI licence and additional funding, wamo is well-equipped to enhance its service offerings, attract new clients, and expand its market reach. This development underscores wamo’s commitment to becoming a leading financial partner for SMEs, providing them with the necessary tools and resources to thrive in a competitive landscape.

Headquartered in London with an additional office in Malta, wamo provides SMEs with a range of financial services designed to streamline their financial management. These services include cross-border payments and both physical and virtual cards, catering specifically to UK and EU customers. The new funds will be used to expand wamo’s team across the UK and EU, enhance its product offerings in existing markets, and meet regulatory capital requirements. Currently, wamo employs around 50 people, with plans to increase this number to 65 by the end of the year.

Wamo has also acquired an EU EMI licence from Finland’s Financial Supervisory Authority (FIN-FSA). This licence allows wamo to operate across the EU and facilitates its entry into the Nordic market. CEO and founder of wamo, Yanki Onen, emphasized the importance of this milestone, stating: "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.”

This strategic move is expected to bolster wamo’s position in the financial services market, enabling it to offer more comprehensive and regulated services to SMEs throughout Europe, thereby supporting their financial operations and growth. By securing the EMI licence and additional funding, wamo is well-equipped to enhance its service offerings, attract new clients, and expand its market reach. This development underscores wamo’s commitment to becoming a leading financial partner for SMEs, providing them with the necessary tools and resources to thrive in a competitive landscape.

This strategic move is expected to bolster wamo’s position in the financial services market, enabling it to offer more comprehensive and regulated services to SMEs throughout Europe, thereby supporting their financial operations and growth. By securing the EMI licence and additional funding, wamo is well-equipped to enhance its service offerings, attract new clients, and expand its market reach. This development underscores wamo’s commitment to becoming a leading financial partner for SMEs, providing them with the necessary tools and resources to thrive in a competitive landscape.