wamo’s new EMI license: what it means for you

2 days ago   •   .3 min read

.By Rhian Davies-Kenny
.Table of contents

At wamo, we’re always striving to make business finances smarter, simpler and more secure for you. With that mission in mind, you might’ve seen our recent announcement on our socials that we’ve secured our EMI (Electronic Money Institution) license! 

We’re obviously excited about this new accreditation, but we know that most of you probably won’t know what it means. So we’re here today to talk about exactly what an EMI license is, and to explain how it benefits our whole wamo gang.

Let’s break it down.

So what is an EMI license?

At its core, an EMI license allows a company like wamo to do a few key things:

  1. Issue electronic money
  2. Provide payment services including money transfers, direct debits and payment processing
What is electronic money?

Electronic money, often referred to as e-money, is a digital alternative for traditional cash. Unlike physical cash, e-money is stored electronically, either in a digital wallet or on a prepaid card. Because it enables instant payments and transfers without the need for physical banknotes or coins, e-money is a convenient, secure and efficient alternative to traditional payment methods.

With an EMI license, wamo can legally issue e-money to our customers under the highest security and compliance standards. This means faster, more flexible cashless payments and money transfers through our platform.

In simple terms, an EMI license is a stamp of approval from financial authorities that says we’re equipped to handle your money in a safe, regulated way. It declares that we meet the authorities’ stringent requirements and adhere to their strict standards. 

EMI licenses are specific to institutions like wamo that are focused on issuing electronic money and providing payment services.

But an EMI license isn’t just a box to tick. It’s a catalyst for innovation. With this license under our belt, we can double down on developing boundary-pushing financial products, without being bogged down by any unnecessary banking requirements.

That means we’ve got even more freedom to ideate and launch smart business finance solutions, all while ensuring the highest security compliance. 

We chose Finland for our EMI license

We deliberately chose Finland to obtain our EMI license because it aligns most closely with our company vision. 

Our EMI license was issued, and is regulated by, the FIN-FSA (Finnish Financial Supervisory Authority). The FIN-FSA is responsible for overseeing the financial markets in Finland, ensuring stability and protecting the interests of consumers. 

We chose Finland for our EMI license for several reasons: 

01. Stability and innovation

Finland is renowned for its stable economy. And, at the same time, it’s also a global trailblazer in technological innovation. This combination aligns perfectly with our own mission to offer our customers the most innovative, cutting-edge financial solutions on the market. 

02. EU membership

Finland’s status as an EU member means that our license is valid across every EU country. This expands our capacity to serve you, no matter where your business takes you, with zero cross-border business barriers to hamper your growth.

03. Reputation for excellence

Finland’s financial regulatory framework is both highly respected and known for its transparency and rigor. This ensures that we operate under the absolute highest standards, and you can trust that your money is always being managed responsibly.

So whether you’re doing business in Dublin, operating in Athens, or exploring emerging markets in Warsaw, our new license can safely and securely support your whole journey.

How does our new EMI license benefit you?

So what’s the real impact of this new EMI license? In a nutshell, it’s about unlocking new levels of security, efficiency and growth potential for every unique entrepreneurial journey.

  • Uncompromising protection - our adherence to FIN-FSA regulations ensures your funds and transactions are safeguarded to the highest possible standards. With wamo, peace of mind comes as standard.
  • Boundary-breaking solutions - this license allows us to accelerate the development of new payment solutions and cross-border services, tailored to your expanding business needs.
  • International empowerment - whether you’re an importer, exporter, remote team or roving freelancer, our EU-wide regulation clears the path for truly global business finances.

Our commitment to compliance ensures you continue to receive reliable and trustworthy financial services, making it easier than ever for you to focus on what matters most: growing your business.

The wamo journey continues

This license is a big step forwards for us at wamo, but it’s just the latest in a much bigger entrepreneurial expedition.

So get ready - with our new EMI license behind us, we’re just getting started on our mission to become the best business account for global SMEs. 

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