It’s been a growth-spurt first year for us! wamo transacted more than €350 million in the first nine months of 2022, and we’ve had 2500 customers of 89 different nationalities from 31 countries join us since we launched last year. We’re growing fast. We’re expecting to close this financial year with more than €500 million in transactions and three times that amount in 2023.
What’s the most important thing about all this good news?
This new investment and strong growth means that we can get closer, faster to our goal of providing a full-service solution to our customers (that’s you!) and to making it easier for anyone with a legitimate business to have access to a bank account.
Yanki Onen, wamo founder and CEO, believes firmly that ‘access to a business bank account should be a right and not a privilege’. This investment means that we can continue to develop seriously smart technology to better serve European and UK SMEs to make this right to a business account accessible.
What purpose does wamo serve?
Many of the business owners that become wamo customers or switch to wamo - both from 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. Frustration with the length of time it takes or the amount of paperwork required just to get to understand if you qualify for a business bank account. Frustration with poor customer service and communication, or with no access to real human connection. The SME sector is chronically underserved when it comes to business banking, if that’s you, then we know how you feel.
These frustrations manifest because the traditional banking system is slow and cumbersome by nature. Licensed banks have a fixed set of policies and procedures they must adhere to. They’re not equipped to adapt or change the way they do things despite seismic changes in the markets and the global business environment. So there is a growing demand for faster, more convenient solutions that the banks can’t respond to. Fintechs can be flexible, adapting quickly to the needs of the customer - they don’t need to work with the top-down approach that banks do. This ability to respond quickly to customer needs and to focus on that all-important human connection is at the heart of our success, and we intend to keep it that way!
What’s in the mix for our customers?
Things are about to get very exciting! Soon, we will be adding a UK Company Formation feature to the wamo app. This will mean that individuals who want to start or expand a business into the UK will be able to register a UK business with wamo. It’s then possible to register for a business account immediately without leaving the app. The next stage is getting your business seen (doing business) in the UK. For this we’re excited to be partnering with Shopify - the multinational e-commerce platform we’re sure you’ve heard of. This piece in the puzzle means that our customers will now not only be able to register their UK company and open a business account through wamo, but will then also instantly have access to creating a website to take a product or service to market and to start taking payments through wamo, instantly. So, create a company, open a business account and start doing business all from one place, fast!
Is wamo for you? We think so!
If you want to create a company in the UK and open a business account in the EU or UK without having to go there then wamo is for you. With a wamo business account you have the option of multiple EU and GB IBANs, which means you can make and take payments ‘locally’ bypassing international fees that would ordinarily be applied for payments in and out of the EU/UK.
If you’re having issues running your day-to-day business with your current business banking service for whatever reason, or if you’re having trouble getting access to a business bank account despite having a legitimate business, wamo is for you too.
In a nutshell, if you’re affected by the limitations of borders, the traditional banking infrastructure or the consequences of changes to business due to Brexit, for example - we are here for you - and now we will be more here for you than ever!
Interested in opening a wamo business account? We’d love to have you on board. You can download the wamo app from the App Store or Google Play Store. Registration takes around 10 minutes and accounts are usually validated within 24 hours. There is always a wamo team member available to talk through any questions and queries (within reasonable work hours, they’re actual humans), email email@example.com or reach out through the chat on this website.