LONDON, Oct. 11, 2022 (GLOBE NEWSWIRE) — British fintech Wamo transacted more than €350 million in the first nine months of 2022.
The company, operating since 2021, has exceeded the figure of 2500 customers and is on a steep upwards trajectory for further growth in the next 24 months.
It expects to close the financial year 2022 with more than 500 million euros in transactions and three times that amount in 2023.
At this stage, in its second year of operations, Wamo serves clients in 31 countries, originating from 89 countries.
Recently valued at 19 million euros, the fintech raised 1,75 million euros to be invested in new markets’ expansion and talent growth.
The entity was founded with the mission to help small businesses with their day-to-day banking needs. It is registered by the United Kingdom’s Financial Conduct Authority and the Bank of Lithuania as a payment and e-money institution.
Wamo started operations in 2021.
“Access to a business bank account should be a right, not a privilege, and we are developing serious technology to serve European and UK SMEs to make this right accessible for everyone,” said Yanki Onen, its CEO and Founder.
The payments industry in Europe is ripe for innovation. The traditional banking system is slow and cumbersome, and there is a growing demand for faster, more convenient solutions.
Fintechs, typically nimbler and more innovative than traditional financial institutions, are the key technology companies that are driving innovation in the financial markets.
“Many of the business owners that become customers or switch to us from – both traditional banks and from digital-first banks and platforms – tend to do so out of frustration. Frustration with trying and failing to open a regular business bank account, the length of time it takes or the amount of paperwork required, poor customer service, unnecessary complexities or simply accumulative fees,” he remarked.
Wamo has offices in the United Kingdom and the European Union. 80% of the company’s team leaders are female, and the institution is fully committed to ESG premises.
Fast, global, agile, and fully digital, Wamo hopes to become the solution of choice for over 10,000 European SMEs looking for convenient, efficient solutions to their everyday financial management needs.
The company has so far received support from Angel and Professional investors from Canada, Turkey, Malta, and the United Kingdom.
The technology supporting Wamo’s market proposition, including its various mobile applications, has been developed by a team of 30 since 2021.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b771da4a-9b0e-41c9-95f2-6b6f09e2baaf
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