LONDON, Oct. 11, 2022 (GLOBE NEWSWIRE) — British fintech Wamo Turned over more than 350 million euros in the first nine months of 2022.
Operating since 2021, the company has surpassed 2500 customers and is on a steep upward trajectory for further growth over the next 24 months.
It expects to close the 2022 financial year with transactions of more than 500 million euros and triple that in 2023.
In this phase, in the second year of operation, Wamo serves customers in 31 countries originating in 89 countries.
Recently valued at €19m, the fintech raised €1.75m to invest in new market expansion and talent growth.
The company was founded with a mission to help small businesses with their day-to-day banking needs. It is registered as a payment and e-money institution by the UK Financial Conduct Authority and the Bank of Lithuania.
Wamo put into operation in 2021.
“Access to a commercial bank account should be a right, not a privilege, and we are developing serious technology to help European and UK SMEs make this right accessible to all,” he said shockI oneits 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 and more convenient solutions.
Fintechs, which are typically more nimble and innovative than traditional financial institutions, are the key technology companies driving innovation in financial markets.
“Many of the business owners who become customers or switch to us from – both traditional banks and digital-first banks and platforms – usually do so out of frustration with the time commitment or the amount of paperwork required, poor customer service, unnecessary complexity or simply incidental fees,” he noted.
Wamo has offices in the UK and the European Union. 80% of…
