European fintech Wamo has secured €10 million in a Series A round as it looks to scale its services for small and medium-sized businesses across Italy and Northern Europe, marking a significant step in the company’s next phase of expansion.
Wamo bets big on SME expansion
The company, which offers a multi-currency business account bundled with cards, invoicing, expense management, point-of-sale services and other financial tools for SMEs, said the round will be used to strengthen its presence in Italy and the Nordic region, improve product features and introduce AI-powered tools into its business account platform.
The funding round was led primarily by TCEE Fund IV, managed by 3TS Capital Partners. Oleka Capital and existing investors also took part. The fresh capital comes at a time when Wamo is seeing strong momentum in Southern Europe and the Nordics, with Italy now standing out as a particularly important market.
Wamo, which is authorised and regulated by the Finnish Financial Supervisory Authority, said its platform is already used by more than 15,000 customers across Europe, The adoption has tripled over the past 12 months.
Its growth story in Italy appears especially striking. Wamo said that since 2025 it has recorded a 15-fold increase in the number of customers in the country under the leadership of Country Manager Antonio Mazza. It also said that more than 10,000 Italian small business owners, retailers and freelancers now use its services for day-to-day financial management.
That momentum is now being translated into a deeper local footprint.
Wamo said it plans to complete the opening of a representative office in Bologna in 2026, expand its local team and launch new products aimed at SMEs. The company also said its investment in Italy will go beyond the major economic centres, with a focus on building local partnerships and promoting business development campaigns, including efforts linked to female entrepreneurship.
The company is also sharpening its focus on lending. Wamo said it wants to address the continuing difficulty many European SMEs face in accessing credit by integrating growth capital into its platform. Its lending model, according to the company, uses real-time banking, payments and operational data to support faster and more data-driven assessments. After launching lending in Finland, Wamo said it plans to begin expanding the offering across Europe starting with Italy in the second quarter of 2026 through strategic partnerships. It has set a target of €100 million in volume over the next 12 months.
Founder Yanki Onen framed the company’s next move as something broader than digital banking. In a statement, he said European SMEs need “smarter infrastructure” and argued that automation and artificial intelligence can reduce friction, generate deeper financial insights and give businesses better control over their finances. He also said Wamo is aiming to reach 100,000 customers with what he described as a hyper-personalised user experience.
Investors backing the round positioned Wamo as a company trying to solve a structural gap in European SME finance. Pekka Mäki, managing partner at 3TS Capital Partners, said the European SME banking market remains fragmented and described the opening for a more integrated platform as substantial. He said Wamo’s early results in Italy and Finland helped validate the model.
Oleka Capital struck a similar note. General partner Ilker Sozdinler said the SME banking sector in Europe remains underserved and fragmented, and pointed to Wamo’s combination of automation and customer experience as a reason the company could capture a meaningful share of the market.
For Italy, the pitch is tied not just to fintech adoption in major cities, but to the unfinished work of digitisation beyond them. Antonio Mazza said Italy has made major progress in digitising financial services over the last two years, but argued that there is still room for significant growth, particularly outside the country’s main economic hubs. He said Wamo is trying to accelerate payment adoption among micro-businesses and merchants through a wide distribution network, a fully digital experience and round-the-clock human support.
Taken together, the raise signals a clear direction for Wamo: build deeper local presence, widen its SME product stack and use lending plus automation to turn a business account into a broader financial operating layer for smaller firms. Whether that model scales across Europe will depend on execution, but in Italy at least, Wamo is entering its next chapter with fresh capital and visible ambition.
Also Read: Perplexity Announces $1 Million Challenge to Build a Billion-Dollar AI Startup
