wamo, a digital business account provider for SMEs, has secured a bridge to Series A round of almost £4 million in growth funding.
The London firm has also secured an EU Electronic Money Institution licence from FIN-FSA (Finland’s Financial Supervisory Authority), positioning the company for accelerated growth across Europe.
Joining the round as a new investor is Turkish VC firm Logo Ventures, along with returning investors Finberg, the corporate venture investment division of Turkish bank Fibabank, and Re-Pie Asset Management, underscoring strong market confidence in wamo’s potential and its innovative SME solutions.
The latest round sees wamo’s total funding reach $11.8m.
With 300% YoY revenue growth and over €2.5 billion transactions processed since its inception in 2021, wamo’s mission is to break down the barriers that SMEs face when growing their business in the EU and UK.
Claiming that they are underserved by banks, wamo provides access to a digital business account within 24 hours and human-led customer support to make managing their money easy. It provides a range of integrated services to customers, including cross-border payments and physical and virtual cards, with plans to expand this further to create a full-suite solution for SMEs.
“Since launching wamo, we’ve been relentlessly focused on removing the barriers that SMEs face when opening a business account and managing their finances,” said Yanki Onen, CEO and founder.
“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 licence 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.”
Merve Zabci, managing partner at Logo Ventures, added: “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.”