A fintech firm with roots in both London and Malta is accelerating its European expansion after securing €10 million in Series A funding, positioning itself firmly within the continent’s growing financial technology landscape.

Describing the milestone as a “soonicorn in motion”, Deniz Güven, CEO of wamo, said the raise represents more than just capital injection, pointing instead to the company’s next phase of growth.

“This is an important step for us. Not just in terms of capital, but in what it enables us to build next,” he said. “€50 million in annual recurring revenue is no longer a distant ambition; it’s a matter of focused, consistent execution.”

Founded in 2021, wamo operates from London and St Julian’s, Malta, offering financial services tailored to small and medium-sized enterprises, with a particular focus on cross-border payments and accessible business banking solutions.

The latest funding round was led by TCEE Fund IV, advised by 3TS Capital Partners, alongside participation from Oleka Capital and existing investors. 

The company said the new capital will be used to accelerate product development and scale its operations across Europe.

Mr Güven emphasised that the company’s ambition goes beyond traditional digital banking.

“European SMEs and companies don’t just need another digital bank. They need a financial operating system,” he said. “We are building towards 100,000 customers and making every single Wamo experience unique and hyper-personalised through AI and smart services.”

The firm has already built a notable presence in the European SME segment. More than 15,000 businesses currently use the platform to manage their financial operations, with the company targeting 30,000 customers by the end of the year.

In parallel with its funding trajectory, wamo has strengthened its regulatory footing, having secured an Electronic Money Institution licence from Finland’s financial supervisory authority. This allows it to operate and expand more efficiently across the European Union.

The company reports 300 per cent year-on-year revenue growth and has processed over €2.5 billion in transactions since its inception, underlining the scale of demand for its services.

Beyond capital, the firm has also attracted strategic backing. In 2024, fintech acceleration firm archie selected wamo as one of its first investments following a selection process that assessed over 200 fintech companies globally.

archie’s leadership includes industry figures such as Steve Brennen, Anthony Thomson and Paul Pester, bringing what the firm describes as “deep intellectual capital” to its portfolio companies.

Commenting on the broader vision, Yanki Önen, Founder of wamo, highlighted the role of technology in reshaping SME finance.

“European SMEs need smarter infrastructure, not just digital banking,” he said. “We are integrating AI and automation across our platform to reduce friction, unlock better insights and give businesses clearer control over their finances.”

As competition intensifies in Europe’s fintech sector, wamo is positioning itself as a platform rather than a product, aiming to embed itself deeper into the financial operations of SMEs across the region.

With fresh capital, regulatory backing and growing adoption and wamo’s positition towards being a platform rather than a product, its trajectory hinges on its ability to convert rapid growth into sustained scaling.