Wamo Raises $1.5m Seed Extension Round

UK-based fintech, Wamo, has raised a $1.5m seed extension round, with the lead investor being Finberg, the corporate venture investment arm of Turkish bank Fibabank. Wamo, which has already processed close to €1.3bn in transactions, plans to use the funding to expand its team and develop a suite of credit products.

Growing and Evolving

Wamo, a digital business account provider, has opened accounts for 7,500 new customers in Europe and the UK since its inception in 2018. The company’s CEO and founder, Yanki Onen, emphasized their commitment to reducing the friction SMEs face when opening a business account. The seed extension investment aligns with this mission.

Expansion and Development Plans

The fresh capital will be put towards the expansion of the Wamo team and the development of a suite of credit products. The company also aims to expand into new markets and apply for an electronic money institution (EMI) license in Finland.

Previous Integration

This funding round follows Wamo’s recent integration with Banking-as-a-Service (BaaS) provider Modulr. This partnership further demonstrates Wamo’s ongoing commitment to improving and expanding its services. The new funding brings Wamo’s total to $6.8m, as the company continues to position itself as the growth partner of choice for SMEs.