wamo, a digital business account provider for SMEs headquartered in London and Malta, has raised £1.2 million from investors.

The seed extension round was led by Finberg and RePie Asset Management and follows an equivalent seed round in November.

wamo will use the investment to develop a suite of credit products and features for SMEs. The company also has plans to use the funding to expand into new markets and apply for its own electronic money institution (EMI) licence in Finland. 

wamo is a digital business account provider and growth partner for SMEs. Founded in 2018, its mission is to power the growth of SMEs by making it easy to access a business account and a network of partners. 

Through human-led support, wamo takes away the obstacles in the way of anyone anywhere looking to do business in the UK and EU. It also provides customers with instant access to its marketplace, wamo Connect, to access services – including accountancy platforms, domain hosts and marketing agencies – as well as the option for customers to provide their own services to customers. 

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“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,” said Yanki Onen, CEO. 

“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. The investment will allow us to further strengthen and expand our talented team, while scaling and expanding in new growth areas for us. 

“It’s especially encouraging to see investors return and increase their investment, showing their continued support and belief in wamo’s proposition and vision.”

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Ihsan Elgin, executive board member at Finberg added: “At Finberg, we don’t limit ourselves to financial investments alone; we actively seek startups that share our ambition and vision for the future of financial technologies. 

“It’s clear that wamo possesses the vision and innovation necessary to make a substantial global impact in the fintech industry.”

The funding follows wamo’s recent announcement of its integration with Modulr as its new Banking-as-a-Service (BaaS) provider. Future plans include providing wamo account holders with access to credit, credit cards and a USD account. 

wamo has processed close to €1.3 billion in transactions to date, opening business accounts for 7,500 new customers in Europe and the UK.

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