Fintech Startup wamo Secures $5 Million Investment

wamo, a fintech startup, has announced that it has secured a $5 million investment in its latest funding round. This round saw participation from Logo Ventures, Finberg, and Re-Pie. Previously, wamo had raised $1.5 million from Finberg and Re-Pie, bringing the company's total funding to $11.8 million.

The new funds will be utilized to expand wamo's team across the United Kingdom and the European Union. Currently, the company operates with around 50 employees and aims to increase this number to 65 by the end of the year. Additionally, the investment will help wamo deepen its local expertise in key markets.

Founded in 2018, wamo provides digital business accounts for SMEs, helping them grow their operations. Through its platform, businesses can easily access a business account and a network of partners. The wamo Connect marketplace offers businesses access to accounting services and marketing agencies, and allows them to offer their own growth tools to other businesses. The company is led by CEO and Founder Yanki Onen. wamo has achieved a 300% year-on-year revenue growth and has processed over €2.5 billion in transactions since its inception in 2021.

In a statement regarding the investment, Logo Ventures Managing Partner Merve Zabci expressed enthusiasm about supporting wamo's team. Zabci highlighted that they first met Yanki Onen in 2021 and have closely followed wamo's progress over the years. She emphasized that wamo has a deep understanding of the needs of SMEs and continues to create value for its customers.

wamo also announced that it has received an EU Electronic Money Institution (EMI) license from the FIN-FSA (Finnish Financial Supervisory Authority), which will support the company's ambition to accelerate its growth across Europe.

With this new funding, wamo is well-positioned to enhance its offerings and solidify its presence in key markets, continuing its mission to help SMEs thrive. The company's innovative approach and strong market understanding have been pivotal in its rapid growth and success.