Fintech
SME account provider Wamo raises £3.8m in bridging round
Wamo, a provider of digital financial accounts for SMEs, has secured a $5m (£3.8m) bridging round ahead of a planned Series A investment.
The London-based fintech company, which offers payment accounts to businesses, has secured equity investment from Turkish venture capital firm Logo Ventures, alongside Finberg and Re-Pie Asset Management.
“Since the launch of Wamo, we have been relentlessly focused on removing the barriers that SMBs face when opening a business account and managing their finances,” said Wamo founder and CEO Yanki Onen.
The latest investment brings the company’s total raised to $11.8 million (£9 million).
“We first met Yanki in 2021 and have closely followed Wamo’s progress over the years. We are excited to support the team in its next chapter,” said Merve Zabci, managing partner at Logo Ventures.
“Wamo has a deep understanding of the needs of SMBs and is focused on generating real value by offering better and faster service to its customers.”
In addition to the funding, Wamo has been granted an Electronic Money Institution (EMI) license by the Finnish financial regulator as it prepares for expansion into the European Union.
“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,” Onen added.
In September 2023, Wamo raised £1.2 million in a seed extension round.