UK fintech scaleup Wamo, reports that it has closed a $5m funding round and obtained an Electronic Money Institution (EMI) licence from the FIN-FSA (Finland Financial Supervisory Authority). This is the basis for the process of accelerating the extension of the offer and expansion in Europe, starting with the entry into the Italian market.
Joining the round as new investors are Turkish VC funds Istanbul Portfoy and Logo Ventures. Alongside them, the participation of the first investors was confirmed: Finberg, the corporate venture investment division of the Turkish bank Fibabank, and Re-Pie Asset Management. This brings the amount of funds raised by Wamo to date to $11.8 million.
Founded in 2021, the company has offices in the UK, Malta and Finland, and has already supported over six thousand SMEs and freelancers by removing barriers in accessing business accounts for those wanting to do business in Europe and the UK.
With digital accounts and Visa Business payment cards that can be activated in minutes, customer service managed by real people, and a network of SME partners, Wamo supports small entrepreneurs and their teams, simplifying the financial management of companies and supporting them in their growth.
The EMI licence just issued by FIN-FSA allows Wamo to further enhance the customer experience and accelerate its pan-European growth strategy. Now, with greater autonomy and flexibility to add new products and grow in new markets, starting with Italy, Finland, Estonia and, soon, other Nordic countries, Wamo intends to build a financial corridor to foster SME growth from northern to southern Europe.
With the new funds, the company is preparing to open an office in our country and to strengthen its team in the territory with figures dedicated to sales, marketing, product and customer service, under the leadership of Antonio Mazza, who assumes the position of head of sales Italy.
The round also supports the expansion of the offer, with access to business credit, credit cards, integrated electronic invoicing functionality, accounts with Italian IBAN and the possibility of opening accounts in US dollars.
The fintech thus continues its path of expansion in Europe, which since its foundation has seen it consolidate its customer base in more than 30 countries, starting with the domestic markets of the UK and Malta, registering annual growth of 300% and more than EUR 2 billion in transactions handled.
According to the latest Istat surveys, 805,000 micro-enterprises operate in Italy, representing 78.9% of the total. Combined with the more than 189,000 small companies and around 5 million self-employed workers active in the Peninsula, they offer a cross-section of the Italian economic fabric, which today struggles to find an ally for growth in traditional banks. Administrative and bureaucratic burdens and the lack of financial resources are the main obstacles to competitiveness indicated by those who want to do business in Italy and it is precisely in these areas that Wamo wants to offer a solution.
Wamo’s main features include: multi-currency accounts and cards: linked Visa Business sub-accounts and debit cards, each with a euro or sterling IBAN option and high spending limits; gteam budgeting: team access to selected sub-accounts and debit cards to facilitate the delegation of responsibilities; local and international payments: national and international money transfers; currency exchange: competitive exchange rates for converting euros and pounds sterling; integrations: possibility to connect platforms for accounting, finance and business organisation; customer support: help from real people instead of automated answers or chatbots, for personalised assistance; Wamo Connect programme: offers from partners such as Shopify, Hubspot and Canva; integration with Xero: discounted Xero access to automatically synchronise transactions and simplify financial management and invoicing: possibility to send pro-forma invoices from Wamo, to improve cash flow management.
“Italy represents a market full of potential for financial services innovation and with Wamo we want to have a real impact on the local ecosystem. The banking sector often struggles to speak the same language as small entrepreneurs, to grasp their most immediate needs for digital transformation, efficiency and simplicity,’ explains Yanki Onen, CEO and founder of Wamo (pictured), in a note. We look forward to supporting SMEs and professionals on their growth path, offering a reliable and secure solution for those seeking the flexibility and convenience of a digital business account, with human assistance always available”.
Merve Zabci, managing partner of Logo Ventures, adds: ‘We first met Yanki in 2021 and have closely followed Wamo’s progress over the years. We are excited to support the team in their next phase of growth. Wamo has a deep understanding of the needs of SMEs and is focused on creating real value to provide a better and faster service to their customers.”
ALL RIGHTS RESERVED ©