Fintech startup wamo has announced that it has received an additional $5 million in a new round of investment, following a previous investment of $1.5 million from Finberg and Re-Pie. Logo Ventures, Finberg and Re-Pie took part in this round. Thus, Wamo's total investment amount reached 11.8 million dollars.
 

Fintech Startup Wamo

Wamo will use this new investment to expand its team in the UK and across the European Union. The company currently employs around 50 people and aims to increase this number to 65 by the end of the year. It will also use the investment to deepen its local expertise in key markets. Wamo, an SME digital business account provider, was founded in 2018. The startup aims to help SMEs grow their business, providing easy access to a business account and a network of partners through its products. Its marketplace, Wamo Connect, gives businesses access to accounting services and marketing agencies, and also allows businesses to offer their own growth tools for other businesses. Since its inception in 2021, Wamo has seen 300% year-over-year revenue growth and has hosted over €2.5 billion in transactions, said Yanki Önen, CEO and Founder of the company.
 

Logo Ventures Managing Partner Merve Zabcı stated that they first met Yankı Önen in 2021 and closely followed Wamo's progress over the years. Stating that they are excited to support the team, Zabcı emphasized that Wamo deeply understands the needs of SMEs and continues to create value for its customers. Aiming to accelerate its growth across Europe, Wamo also announced that it has received an EU Electronic Money Institution (EMI) license from the Finnish Financial Supervisory Authority (FIN-FSA). This license will enable the company to reach a wider customer base and expand its services across Europe.