wamo, a financial technology firm focused on small and medium-sized companies, has started offering its services in Europe.
Founded in 2018, the firm expects to add approximately 10,000 customers in the European market before the end of 2021.
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London and Malta headquartered firm leverages technology to offer financial services and streamline day-to-day financial management processes through its app.
It specialises in money remittance, foreign exchange, convenient payments, P2P payments among others.
wamo has partnered with Railsbank to improve the security of transactions and secure customer’s money.
PayrNet, a wholly-owned subsidiary of Railsbank, issues electronic money and provides payment services to wamo.
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By GlobalDataThe firm said that its solution offers multiple digital payment options thereby increasing the reach to potential customers.
wamo CEO and founder Yanki Onen said: “The future of financial services will be impacted deeply by the emergence of embedded finance: finance that promises to be more internet-like, more interconnected and more customizable, with novel components that can be effortlessly inserted into individual businesses in different sectors.
“Small and medium-sized enterprises (SMEs) encounter many challenges and complexities in running and growing their businesses, digital solutions have certainly not reached their full potential when fewer than 10% of the 180 million micro and small merchants (MSMs) around the world can accept digital payments.”
