Wamo secures €10m to expand multi-currency accounts and AI-driven embedded lending
This article covers Wamo, a fintech startup, which has raised £8.7m (€10m) in a series A funding round to accelerate expansion in Italy and the Nordics and to build product features and roll out AI-driven tools across its business account platform. The funding is intended to support growth of its multi-currency business account, the wider rollout of embedded lending and related services for small and medium-sized enterprises across Europe.
Wamo has raised £8.7m (€10m) in a series A funding round to accelerate expansion in Italy and the Nordics, build out product features and roll out AI-driven tools across its business account platform. The Helsinki- and London-headquartered company says the capital will support growth of its multi-currency banking product and the wider rollout of embedded lending for small and medium-sized enterprises.
Why it matters
European SMEs routinely report limited access to timely credit and fragmented financial tooling. Wamo’s product aims to combine payments, accounts, cards and expense tools into a single platform while adding lending capability tied to transactional and operational data. The company says adoption has tripled in the last 12 months and it already serves more than 15,000 customers, with Italy and the Nordics highlighted as priority markets.
If Wamo can scale its embedded lending safely, it could reduce friction for companies that currently rely on a mix of banks and specialist lenders to finance growth. The startup has set an ambitious lending target of £87.1m (€100m) in the next 12 months as it expands beyond Finland.
Inside the product
Wamo offers a multi-currency business account alongside cards, invoicing and expense management tools inside a single interface. The company is licenced and regulated by the Finnish Financial Supervisory Authority as a pan-European electronic money institution, which underpins its cross-border service offering.
Its lending service began in Finland and is scheduled to expand across Europe in Q2 2026 via strategic partnerships. Wamo says it uses real-time banking, payments and operational data to drive faster underwriting, and is layering AI and automation into workflows to reduce manual friction and deliver personalised insights to customers.
Who are the investors?
The round was led by TCEE Fund IV, advised by 3TS Capital Partners. Oleka Capital and existing backers also participated.
3TS is a technology-focused growth capital firm that has invested across Europe for two decades; investors in its funds have included organisations such as the European Investment Fund, EBRD and corporate partners like AWS. Oleka is an investment firm that focuses on high-growth opportunities in technology and financial services.
In the announcement, Pekka Mäki, Managing Partner at 3TS Capital Partners, said:
SME banking in Europe is still largely broken and the opportunity for a genuinely integrated platform is enormous. Wamo is one of the most focused teams we've seen tackling this problem, and their early traction in Italy and Finland validates the model. Having backed fintech leaders across the continent for over 20 years, we know what it takes to scale - and Wamo has the right foundation to become the defining SME financial platform in Europe.
In the announcement, Ilker Sözdinler, General Partner at Oleka Capital, said:
SME banking in Europe remains underserved and fragmented. wamo's approach - combining intelligent automation with a relentless focus on customer experience -positions them to capture significant market share. We've been impressed by their execution in Italy and Finland, and we're confident in their ability to scale across multiple markets simultaneously.
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Founder perspective
In the announcement, Yanki Önen, Founder of Wamo, said:
European SMEs need smarter infrastructure, not just digital banking. We are integrating AI and automation across our platform to reduce friction, unlock better insights and give businesses clearer control over their finances. Our AI-native solutions are designed to be invisible, helping customers seamlessly without friction. More than 15,000 European SMEs already bank on Wamo, and we are now on a fast track to deliver a hyper-personalised experience to many more. We want to reach 100,000 customers, and make every single Wamo experience unique and specific to each of them.
The company’s leadership includes Melih Berberoglu (co-founder and CTO) and Deniz Guven (Group CEO and Chair), reflecting a team focused on product and regulatory delivery across multiple jurisdictions.
The bigger picture
The deal underscores continued investor interest in fintechs that target the SME market with integrated product stacks and data-driven lending. For the UK and Europe, funding into cross-border business banking products points to a broader trend: investors are backing companies that combine payments, treasury services and lending into single platforms to reduce fragmentation for small businesses.
As regulatory frameworks across Europe evolve and more fintechs adopt AI-enabled underwriting, startups such as Wamo will be watched for their ability to scale credit responsibly while navigating local market and compliance challenges. The round also highlights the role of growth capital in funding the international expansion of firms headquartered outside London but serving pan-European markets.
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