Wamo, a pioneering digital business account provider, has recently announced a significant development in its funding and regulatory status.
The company has successfully closed a bridge to Series A funding round, amassing $5m. This round welcomed Turkish VC firm Logo Ventures as a new investor, alongside returning investors such as Finberg and Re-Pie Asset Management. This new influx of capital raises wamo’s total funding to $11.8m.
The company is dedicated to serving small and medium-sized enterprises (SMEs) by offering digital business accounts that are notably underserved by traditional banks. With a remarkable 300% year-over-year revenue growth and more than €2.5bn in transactions processed since its inception in 2021, wamo is setting a new standard in the FinTech industry.
The newly acquired funds are earmarked for several strategic initiatives. Primarily, wamo intends to enhance its digital account services, which are pivotal in aiding SMEs to scale their operations in the EU and UK. The company also plans to expand its talented team across these regions and further develop its local market expertise.
Furthermore, wamo has secured an Electronic Money Institution (EMI) license from the Finland Financial Supervisory Authority (FIN-FSA), which will enable the company to minimize reliance on partners and improve customer experiences. This license is a key component in wamo’s strategy to enter new markets such as Finland, Italy, and Sweden, promoting a wider pan-European expansion.
Merve Zabci, Managing Partner at Logo Ventures, shared their enthusiasm for the partnership, stating, “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.”
Yanki Onen, CEO and founder of wamo, commented on the milestones achieved, “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.”
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