wamo, a UK-based B2B digital bank, has raised USD 5 million in growth funding, bringing its total funding to USD 11.8 million. The round saw participation from new investor Logo Ventures and returning investors Finberg and Re-Pie Asset Management.

It aims to use the new funds to enhance its digital business account offerings, as it positions itself as the partner of choice for SMEs across Europe.

Along with the funding, wamo announced that it has successfully secured an EU Electronic Money Institution (EMI) license from FIN-FSA (Finland’s Financial Supervisory Authority). This will enable the company to reduce partner dependencies, enhance customer experience, accelerate entry into new markets like Finland, Italy, and Sweden, and expand its pan-European growth strategy. 

wamo currently has operations in the UK and Malta. Since its inception in 2021, it has recorded revenue growth of 300% YoY and processed over EUR 2.5 billion (~USD 2.7 billion) in transactions.

Analyst QuickTake: wamo’s last funding round was in September 2023, when it raised USD 1.5 million in seed funding . These funds were utilized to develop credit products, expand into new markets, and apply for the EMI license.