wamo and Modulr unite to strengthen SME banking services in EU and UK

wamo, a prominent digital business account provider for SMEs, has declared its new alliance with Modulr, a renowned Banking-as-a-Service (BaaS) provider.

The central objective behind this collaboration is to reinvigorate wamo’s footprint in the EU and UK. This revitalisation aims to augment its business account offerings for SMEs by introducing a host of new services.

Founded in 2018, wamo has been at the forefront of aiding SMEs’ growth by simplifying access to business accounts and creating a robust network of partners. Their approach, which is steeped in human-led support, removes barriers for entities aspiring to operate within the EU or UK domain. Since its inception, wamo has secured $3.8m in funding, processed nearly €1.3bn in transactions, and initiated business accounts for an impressive 7,500 customers globally.

On the other side, Modulr, through its robust API payments infrastructure, specialises in embedded payments. Their prowess lies in streamlining account creation and payment processes, ensuring smoother client experiences.

The impending features resulting from this collaboration include granting wamo business account holders increased accessibilities such as credit, credit cards, and a dedicated USD account. This is in addition to the existing benefits offered by wamo.

Currently, wamo’s platform provides:

  • Multi-Currency Accounts and Cards: with options of Euro or GBP IBANs.
  • Team Management: allowing team members selective access for more effective delegation.
  • Local and International Payments: ensuring rapid and economical money transfers.
  • In-Person Customer Support: real human interactions rather than automated responses.
  • wamo Connect Programme: exclusive offers from partners like Shopify, Hubspot, and Canva to boost business growth.

wamo CEO and founder Yanki Onen remarked, “We’re excited to partner with Modulr to widen our product offering and services to EU and UK companies. By actively focusing on our current customers to understand their business needs deeply, we are learning how to meet them better than anyone else.

“We’re at a point where we can afford to dig in and reflect to see where the FinTech industry can go far beyond simply meeting business owner expectations – although that’s a great start! Our commitment to best-in-class customer service is going to lead how we think about launching new services later this year.”

Tony Byers, chief customer officer at Modulr, commented, “Modulr is excited to partner with wamo to unleash the power of embedded payments in their business banking platform. Our rock-solid API payments infrastructure will empower wamo to provide account creation and payment processing, driving efficiency and smoother experiences for their customers.”

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