Wamo raises $1.5m seed extension round ahead of EMI license application
Wamo is expanding its team and suite of credit products as well as gearing up to apply for an electronic money institution (EMI) license in Finland.
Wamo, a UK-headquartered fintech, has raised a $1.5m seed extension round, AltFi can exclusively reveal.
Wamo is a digital business account provider and says it has processed close to €1.3bn in transactions to date, opening business accounts for 7,500 new customers in Europe and the UK.
The round is led by Finberg, the corporate venture investment arm of Turkish bank Fibabank, with existing investor RePie Asset Management also taking part.
Founded in 2018 by Yanki Onen, the new cash brings Wamo’s total funding to $6.8m.
“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,” Yanki Onen, CEO and founder of Wamo said.
The cash will be used to expand the Wamo team as well as for the development of a suite of credit products, expansion into new markets and applying for an electronic money institution (EMI) license in Finland.
The funding follows an integration with Banking-as-a-Service (BaaS) provider Modulr.