wamo, a number one digital enterprise account supplier for SMEs, announcesd that it has secured a bridge to Sequence A spherical of €4.5 million in development funding, in addition to an EU Digital Cash Establishment (EMI) license from FIN-FSA (Finland’s Monetary Supervisory Authority), positioning the corporate for accelerated development throughout Europe.
Becoming a member of the spherical as a brand new investor is Turkish VC agency Brand Ventures, together with returning traders Finberg, the company enterprise funding division of Turkish financial institution Fibabank, and Re-Pie Asset Administration, underscoring robust market confidence in wamo’s potential and its progressive SME options. The most recent spherical sees wamo’s complete funding attain $11.8 million.
With 300% YoY income development and over €2.5 billion transactions processed since its inception in 2021, wamo goals to leverage the funding to boost its digital enterprise account providing because it continues to ship on its ambition of being the expansion associate of selection for SMEs throughout Europe. wamo’s mission is to interrupt down the boundaries that SMEs face when rising their enterprise within the EU and UK.
In a world the place SMEs are underserved by banks, wamo gives entry to a digital enterprise account inside 24 hours and human-led buyer assist to make managing their cash straightforward. wamo gives a variety of built-in companies to clients, together with cross-border funds and bodily and digital playing cards, with plans to develop this additional to create a full-suite answer for SMEs. The funding may also permit wamo to each develop its proficient staff throughout the UK and EU and deepen its native experience inside key markets.
Merve Zabci, Managing Companion at Brand Ventures, added: “We first met Yanki in 2021 and have been carefully following wamo’s progress over time and are excited to assist the staff on their subsequent chapter. wamo has a deep understanding of the wants of SMEs and is laser targeted on driving actual worth by providing higher and sooner service for its clients.”
In tandem with the funding, wamo has obtained an Digital Cash Establishment (EMI) license within the EU from the FIN-FSA Finland Monetary Supervisory Authority. The EMI license will allow wamo to minimise associate dependencies, improve its buyer expertise and speed up entry into new markets together with Finland, Italy and Sweden. Approval from FIN-FSA will permit wamo to faucet into the Nordic market alternative and additional develop its attain from Europe’s north and south as a part of its wider pan-European development technique. The transfer builds on wamo’s already robust presence in its house markets of the UK and Malta, and development throughout Finland.
Yanki Onen, CEO and founding father of wamo, commented: “Since launching wamo, we’ve been relentlessly targeted on eradicating the boundaries that SMEs face when opening a enterprise account and managing their funds. The addition of Brand Ventures on this spherical brings robust experience and expertise to assist us construct a proposition that promotes, not discourages, the ambitions of underserved SMEs throughout Europe. Alongside this, our EMI license marks a big milestone in our journey, enabling us to unlock new markets and turn out to be the popular associate for SMEs, offering regulated companies throughout the continent.”
