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Wamo extends seed round with £1.2m boost

Image credit: Wamo

Wamo, a startup offering digital financial accounts to SMEs, has raised $1.5m (£1.2m) in a seed extension round.

Headquartered in London, with a significant presence in Malta, Wamo is a business account provider for SMEs. Through a Wamo account, companies can make local and international payments with both a physical and digital card.

With a focus on customers in the UK and EU, the company claims it has processed close to €1.3bn (£1.1bn) in transactions to date and that more than 7,500 businesses have opened Wamo accounts.

Yanki Onen, CEO of Wamo, said: “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.”

Onen said the investment will go towards growing the existing team and expanding into new areas, with Finland, in particular, being highlighted as a target for growth.

The seed extension round was led by Finberg and RePie Asset Management.

Ihsan Elgin, executive board member at Finberg, said: “It’s clear that Wamo possesses the vision and innovation necessary to make a substantial global impact in the fintech industry.”

The latest fundraise follows the company’s £1.2m seed round last November and brings the total amount raised to $6.8m (£5.5m).