The funding round saw the participation of new investor, Turkish VC firm Logo Ventures, alongside returning investors Finberg, the corporate venture division of Turkish bank Fibabank, and Re-Pie Asset Management. This demonstrates strong market confidence in wamo’s potential and its innovative solutions for SMEs. The latest round brings wamo’s total funding to $11.8 million.

Experiencing a 300% year-on-year revenue growth and processing over €2.5 billion in transactions since its inception in 2021, wamo plans to leverage the new funds to enhance its digital business account offerings. The company aims to be the preferred growth partner for SMEs across Europe, breaking down barriers that SMEs face in the EU and UK.

In a market where SMEs are often underserved by traditional banks, wamo offers access to digital business accounts within 24 hours and human-led customer support to simplify money management. The company provides a range of integrated services, including cross-border payments and physical and virtual cards, with plans to develop a comprehensive suite of solutions for SMEs.

The investment will also support the expansion of wamo’s talented team across the UK and EU, enhancing local expertise in key markets.

Merve Zabci, Managing Partner at Logo Ventures added: “We first met Yanki in 2021 and have been closely following wamo’s progress over the years and are excited to support the team on their next chapter. wamo has a deep understanding of the needs of SMEs and is laser focused on driving real value by offering better and faster service for its customers.”

In tandem with the funding, wamo has obtained an Electronic Money Institution (EMI) license in the EU from the FIN-FSA Finland Financial Supervisory Authority. The EMI license will enable wamo to minimise partner dependencies, enhance its customer experience and accelerate entry into new markets including Finland, Italy and Sweden. Approval from FIN-FSA will allow wamo to tap into the Nordic market opportunity and further expand its reach from Europe’s north and south as part of its wider pan-European growth strategy. The move builds on wamo’s already strong presence in its home markets of the UK and Malta, and growth across Finland.

Yanki Onen, CEO and founder of wamo commented: “Since launching wamo, we’ve been relentlessly focused on removing the barriers that SMEs face when opening a business account and managing their finances. The addition of Logo Ventures in this round brings strong expertise and experience to help us build a proposition that promotes, not discourages, the ambitions of underserved SMEs across Europe. Alongside this, our EMI license marks a significant milestone in our journey, enabling us to unlock new markets and become the preferred partner for SMEs, providing regulated services across the continent.”