LONDON, Oct. 11, 2022 (GLOBE NEWSWIRE) — British fintech Wamo traded more than €350 million in the first nine months of 2022.
The company, which has been operating since 2021, has passed the figure of 2,500 customers and is on a steep upward trajectory for further growth over the next 24 months.
It expects to end the 2022 financial year with more than 500 million euros in transactions and triple that in 2023.
At this stage, in its second year of operation, Wamo serves customers 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 unit was founded with the mission of helping small businesses with their day-to-day banking needs. It is registered by the UK’s Financial Conduct Authority and the Bank of Lithuania as a payment and e-money institution.
Wamo started up 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 available to everyone,” said Yankin OnenCEO and founder.
The payment industry in Europe is ripe for innovation. The traditional banking system is slow and cumbersome, and there is a growing demand for faster and more practical solutions.
Fintechs, typically nimbler and more innovative than traditional financial institutions, are the main technology companies driving innovation in the financial markets.
“Many of the business owners who 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 at 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 complexity or simply accumulating fees,” he noted.
Wamo has offices in the UK and the EU. 80% of the company’s team leaders are women, and the institution is fully committed to ESG premises.
Fast, global, flexible and completely digital, Wamo hopes to become the solution of choice for over 10,000 European SMEs looking for practical, efficient solutions for their day-to-day financial management needs.
The company has so far received support from Angel and Professional investors from Canada, Turkey, Malta and the UK.
The technology supporting Wamo’s market proposition, including the various mobile applications, has been developed by a team of 30 since 2021.
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