wamo started operations in Europe expecting 10,000 customers in 2021

By Joy Dumasia

Digital financial institution wamo has started operations in Europe, expecting to attract 10,000 customers before the end of 2021. wamo, a digitally native FinTech aimed at small and medium-sized companies, is incorporated in the United Kingdom and has headquarters in London and Malta.

This FinTech uses smart-tech to streamline every aspect of day-to-day financial management processes, making it possible for businesses and consumers to do it all from one app. The company is committed to improving the security of transactions constantly and has mechanisms to safeguard customers’ money through a key partnership agreement with Railsbank.

Last month, wamo raised a one million euros investment from a group of angel investors, bringing the total amount raised to over 1.9 million and securing 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.

SMEs’ influence on the economy is rapidly growing in Malta and Europe. 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. In the meantime – hugely accelerated by the behavioural changes of the pandemic – online transactions have sharply increased while PoS (point-of-sale) transactions have shifted markedly towards contactless.

Yanki Onen, CEO and founder of the company, said: “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.”