UK fintech Wamo transacted more than £300 million so far in 2022

UK fintech Wamo transacted more than £300 million so far in 2022

British fintech company Wamo has already transacted more than €350 million (£310 million) so far in 2022.

Wamo has exceeded the figure of 2500 customers and is on a steep upwards trajectory for further growth in the next 24 months.

It expects to close the financial year 2022 with more than €500 million (£440 million) in transactions and three times that amount in 2023.

At this stage, in its second year of operations, Wamo serves clients in 31 countries, originating from 89 countries.

Recently valued at €19 million (almost £17 million), the fintech raised €1.75 million (£1.55 million) to be invested in new markets’ expansion and talent growth.

The entity was founded with the mission to help small businesses with their day-to-day banking needs. It is registered by the United Kingdom’s Financial Conduct Authority and the Bank of Lithuania as a payment and e-money institution.

“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 accessible for everyone,” said Wamo Founder and CEO Yanki Onen.

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, more convenient solutions.

Fintechs, typically nimbler and more innovative than traditional financial institutions, are the key technology companies that are driving innovation in the financial markets.

“Many of the business owners that 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 with 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 complexities or simply accumulative fees,” he remarked.

Fast, global, agile, and fully digital, Wamo hopes to become the solution of choice for over 10,000 European SMEs looking for convenient, efficient solutions to their everyday financial management needs.