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SME account provider Wamo raises £3.8m bridge round

Wamo
Image credit: Wamo

SME digital finance account provider Wamo has secured a $5m (£3.8m) bridge round ahead of a planned Series A investment.

The London-based fintech, which offers payment accounts to businesses, secured the equity investment from Turkish VC firm Logo Ventures along with Finberg and Re-Pie Asset Management.

“Since launching Wamo, we’ve been relentlessly focused on removing the barriers that SMEs face when opening a business account and managing their finances,” said Wamo founder and CEO Yanki Onen.

The latest investment brings the total amount raised by the company to $11.8m (£9m).

“We first met Yanki in 2021 and have been closely following Wamo’s progress over the years and are excited to support the team on their next chapter,” said Logo Ventures managing partner Merve Zabci.

“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.”

Alongside the funding, Wamo has secured an Electronic Money Institution (EMI) license from the Finnish financial regulator as it prepares its expansion across 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,” added Onen.

In September 2023, Wamo raised £1.2m in a seed extension round.

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