wamo, the digital business account provider for SMEs, headquartered in London and Malta, has raised $1.5M from investors in a seed extension round led by Finberg and RePie Asset Management among others. The investment follows its seed round in November where wamo raised $1.5M, taking its total funding to $6.8M.

wamo will use the investment to develop a suite of credit products and features for SMEs, as it continues to build out its offering. The company also has plans to use the funding to expand into new markets and apply for its own electronic money institution (EMI) license in Finland. 

wamo is a digital business account provider and growth partner for SMEs. Founded in 2018, wamo's mission is to power the growth of SMEs by making it easy to access a business account and a network of partners. Through human-led support, wamo takes away the obstacles in the way of anyone anywhere looking to do business in the UK and EU. It also provides customers with instant access to its marketplace, wamo Connect, to access services - including accountancy platforms, domain hosts and marketing agencies - as well as the option for customers to provide their own services to customers. 

Yanki Onen, CEO, wamo commented: “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. The investment will allow us to further strengthen and expand our talented team, while scaling and expanding in new growth areas for us. It's especially encouraging to see investors return and increase their investment, showing their continued support and belief in wamo’s proposition and vision.”

Ihsan Elgin, Executive Board Member, Finberg added: “At Finberg, we don’t limit ourselves to financial investments alone; we actively seek startups that share our ambition and vision for the future of financial technologies. It’s clear that wamo possesses the vision and innovation necessary to make a substantial global impact in the fintech industry.”

The funding follows wamo’s recent announcement of its integration with Modulr. wamo selected Modulr as its new Banking-as-a-Service (BaaS) provider to reignite its UK presence with plans to develop additional features and services to strengthen its offering for SMEs. Future plans include providing wamo account holders with access to credit, credit cards and a USD account. 

wamo has processed close to €1.3 billion in transactions to date, opening business accounts for 7,500 new customers in Europe and the UK.