London-based digital business account provider wamo has secured a bridge to Series A round of funding, adding almost £4 million to its coffers. The firm also secured an EU Electronic Money Institution licence from Finland’s Financial Supervisory Authority, positioning the company for accelerated growth across Europe. The latest funding round takes wamo’s total to $11.8m. The firm has achieved 300% YoY revenue growth and processed over €2.5 billion in transactions since its inception in 2021. Wamo claims that SMEs are often underserved by banks, so it provides access to a digital business account within 24 hours and human-led customer support. It offers integrated services to customers, such as cross-border payments and physical and virtual cards, and intends to expand further to create a full-suite solution for SMEs.
Joining the funding round as a new investor is Turkish VC firm Logo Ventures, along with returning investors, demonstrating strong market confidence in wamo’s potential and its innovative SME solutions. Wamo’s CEO and founder Yanki Onen said the addition of Logo Ventures in this round brings strong expertise and experience to help the company promote the ambitions of underserved SMEs across Europe. Merve Zabci, managing partner at Logo Ventures, added that 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.
