Digital financial institution wamo has started operations in Europe where it expects to attract 10,000 customers before the end of 2021, the company said in a statement.
Wamo, a digitally native fintech aimed at small and medium-sized companies, is incorporated in the UK and has headquarters in London and Malta.
The fintech uses smart tech to streamline every aspect of day-to-day financial management processes making it possible for both businesses and consumers to ‘do it all’ from one app.
Last month, wamo raised €1 million investment from a group of angel investors, bringing the total amount raised to over €1.9 million and securing funding for its expansion plan in Europe.
Fast, global, agile and fully digital, wamo hopes to become the solution of choice for over 10,000 European SMEs and retail clients looking for convenient, efficient solutions to their everyday financial management needs.
Registered in the UK and the EEA, wamo is a company that was able to grow during the unique challenges of the 2020 market, the company said. It added that wamo found that significant value can be unlocked for SMEs when they are given the capability to make or receive payments strategically by attracting rewards, improving working capital, driving efficiency and optimising processes.
The company has so far received support from investors from Canada, Turkey, Malta and the United Kingdom.
“The future of financial services will be impacted deeply by the emergence of embedded finance: finance that promises to be more internet-like, more interconnected and more customizable, with novel components that can be effortlessly inserted into individual businesses in different sectors,” Yanki Onen, CEO and founder of the company, stated.
In its first stage, the company will develop and consolidate its position in Malta. From Malta the company will expand into Europe.
SMEs’ influence on the economy is rapidly growing in Malta and Europe where an increasing number of SMEs and the emergence of their unique needs are creating a new market and challenge for financial technology companies. This is because micro and small enterprises are currently underserved with banks generally assuming an ambivalent stance towards them, wamo said in a statement.