Wamo, a digital financial institution, has started operations in Europe where it expects to attract 10,000 customers before the end of 2021.
Last month, wamo raised a €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.
The digitally native fintech aimed at small and medium-sized companies, is incorporated in the United Kingdom and has headquarters in London and Malta, and aims to compete with traditional financial methods in the delivery of financial services.
This 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. The company is committed to constantly improve the security of transactions and has mechanisms in place to safeguard customers' money through a key partnership agreement with Railsbank.
"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 customisable, with novel components that can be effortlessly inserted into individual businesses in different sectors," Yanki Onen, CEO and founder of the company, stated.
"Small and medium sized enterprises (SMEs) encounter many challenges and complexities in running and growing their businesses, digital solutions have certainly not reached their full potential when fewer than 10% of the 180 million micro and small merchants (MSMs) around the world can accept digital payments. We're here to help change that," he added.
The company believes that these new consumer habits are here to stay and SMEs are in urgent need of solutions that can meet them quickly and with minimal onboarding friction for businesses and consumers alike.