A startup offering digital accounts for SMEs has secured $5M in a funding round and an EMI (Electronic Money Institution) licence.

Investors in the bridge to Series A funding round in wamo include new investor, Turkish VC Logo Ventures, along with returning investors Finberg, the corporate venture investment division of Turkish bank Fibabank, and Re-Pie Asset Management.

In total, wamo, which is headquartered in London and also has an office in Malta, has received $11.8m in funding.

Wamo provides SMEs with services including cross-border payments and physical and virtual cards, geared at simplifying SME’s financial management. It has a focus on UK and EU customers.

It says it will use the fund to expand its team across the UK and EU, enhance its offering in existing markets, and meet regulatory capital requirements.

Currently, it has around 50 people which it intends to grow to 65 by the end of the year.

Wamo has also acquired an EU EMI licence from FIN-FSA (Finland’s Financial Supervisory Authority).

It means that wamo can leverage the licence across the EU and also helps Wamo tap into the Nordic market.

Yanki Onen, CEO and founder of wamo, said:

“Our EMI license marks a significant milestone in our journey, enabling us to unlock new markets and become the preferred partner for SMEs, providing regulated services across the continent.”