they arela fintech britannica specialized in digital business accounts e services for SMEsrecently announced the closing of a funding round from 5 million dollars and obtaining the EMI (Electronic Money Institution) license from FIN-FSA. This milestone represents a crucial step for the company’s expansion in Europe, with Italy as its first target market.
A new horizon for Italian SMEs
L’Italiawith his 6 million small businesses and self-employed workersis a market with enormous potential but often held back by complex financial management. wamo, with its offer of digital business accounts that can be activated in a few minutes and Visa Business payment cards, aims to simplify these processes, making banking services more accessible for small entrepreneurs.
EMI License, a guarantee of quality and safety
The recent acquisition of the EMI License from FIN-FSA, one of the most stringent supervisory authorities in Europe, will allow wamo to further enhance the customer experience. This license will allow for greater autonomy to add new products and expand into new European markets, with an initial focus on Italy, Finland, Estonia and other Nordic countries.
Yanki Onen, CEO of wamo
Strategic investments and accelerated growth
The funding round saw the participation of Turkish VC funds such as Istanbul Portfoy and Logo Ventures, along with early investors such as Finberg and Re-Pie Asset Management. With a total of $11.8 million collected, wamo is ready to strengthen its presence in Italy under the leadership of Antonio Mazza, the new Head of Sales Italy.
Innovative features and services
wamo offers a series of features that aim to simplify the financial management of SMEs:
- Multi-currency accounts and cards: With Visa Business sub-accounts and debit cards, each with an IBAN option in euros or pounds.
- Team budget management: Team access to select sub-accounts and debit cards.
- Local and international payments: Fast and cheap money transfers.
- Currency Exchange: Competitive exchange rates for EUR and GBP.
- Integrations: Connection with accounting and finance platforms.
- Human customer support: Personalized support from real people.
- Wamo Connect Program: Partner offers like Shopify, Hubspot and Canva.
- Xero Integration: Discounted access to sync transactions.
- Billing: Sending proforma invoices to improve cash flow management.
A real impact on the Italian ecosystem
According to Yanki Onen, CEO and founder of wamo, “L‘Italy represents a market full of potential for the innovation of financial services. We want to support SMEs and professionals in their growth path, offering a reliable and secure solution for those looking for the flexibility and convenience of a digital business account, with human assistance always available”.
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Source: diarioinnovazione.it
