Malta and London-based SME digital business account provider wamo has raised $1.5 million in what it's calling a seed extension round. This additional funding takes wamo’s total funding to date to $6.8 million. The funds raised will go towards exploring new markets and also the application for its own electronic money institution (EMI) license in Finland.
It recently integrated with Modulr as its new Banking-as-a-Service (BaaS) provider to boost UK support for SMEs. Future plans include providing wamo account holders with access to credit, credit cards and a USD account.
The startup, founded in 2018, is in the business of helping SMEs grow their businesses. Through its products, it provides easy access to a business account and a network of partners. Its marketplace wamo Connect gives businesses access to accounting services and marketing agencies and also allows businesses to offer their own growth tools for other businesses.
“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. 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,” says Yanki Onen, CEO, wamo.
"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,” says Ihsan Elgin, Executive Board Member, Finberg.
Lead image: Photo: Zoltan Tasi.