Wamo, a UK-based FinTech firm, is making strides in the financial technology industry.
The digital business account provider has successfully raised a $1.5m seed extension round, according to a report from Altfi. This latest funding round was spearheaded by Finberg, the corporate venture investment division of the renowned Turkish bank, Fibabank. Joining the investment was the existing investor, RePie Asset Management.
For those unfamiliar, Wamo stands out in the crowded fintech market as a provider of digital business accounts. Since its inception, the firm claims to have processed an impressive €1.3bn in transactions. They have further expanded their footprint by opening business accounts for a whopping 7,500 new clients spread across Europe and the UK.
The recent funds will be channelled towards numerous initiatives. Primarily, Wamo has its sights set on expanding its team. Additionally, they will focus on developing a suite of credit products, exploring new market opportunities, and, notably, gearing up to apply for an electronic money institution (EMI) license in Finland.
Wamo has been on a steadfast journey since its foundation in 2018 by the entrepreneur Yanki Onen. With this fresh injection of capital, the company’s total funding has reached an impressive $6.8m.
Wamo CEO and founder Yanki Onen said, “We’re determined to reduce the friction SMEs face when looking to open a business account and this seed extension investment takes us one step closer to being able to do just that. We’re always evolving in line with the needs of our customers and our ambition is to be the growth partner of choice for SMEs.”
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