Wamo, a financial operating platform for small and mid-sized businesses with offices in Helsinki and London, has closed a €10 million Series A round to accelerate its expansion across Europe. The round was led by TCEE Fund IV, advised by 3TS Capital Partners, with participation from WealthTech-focused Oleka Capital and existing shareholders. It follows a €4.5 million bridge-to-Series-A raise in 2024.
The fintech, regulated as a pan-European electronic money institution by Finland’s Financial Supervisory Authority, now serves more than 15,000 SMEs across the continent. Adoption has tripled over the past twelve months, with Wamo reporting particular momentum in Southern Europe and the Nordics and a fifteen-fold increase in Italian customers since 2025 under Country Manager Antonio Mazza.
A single platform, not another digital bank
Wamo bundles multi-currency business accounts, physical and virtual cards, invoicing, expense management and, increasingly, embedded lending into a single interface for SME operators. The company argues that fragmented tooling, rather than a shortage of neobanks, remains the principal obstacle for Europe’s SME segment — a pitch that investors appear to find credible given the region’s persistent underbanking of smaller employers.
Founder and Group CEO Yanki Önen said European SMEs need “smarter infrastructure, not just digital banking”, and that the company is embedding artificial intelligence and automation across the stack “to reduce friction and give businesses clearer control over their finances”. Önen added that Wamo is targeting 100,000 customers and hyper-personalised onboarding and servicing experiences over the next phase of growth.
Where the capital goes
Proceeds from the Series A will support four priorities. First, geographic expansion into Italy and the Nordic region, both of which Wamo has identified as the strongest organic pull markets. Second, product build-out, including AI-enabled features for cashflow, reconciliation and expense intelligence. Third, scaling the company’s lending franchise: Wamo has already launched a business loan product in Finland and intends to extend credit across Europe in the second quarter of 2026 via strategic partnerships, with a stated target of €100 million in lending volume over the following twelve months. Fourth, team hires across engineering, compliance and commercial functions.
Investor view
Pekka Mäki, Managing Partner at 3TS Capital Partners, described SME banking in Europe as “still largely broken” and said the opportunity for a genuinely integrated platform is “enormous”. He pointed to early traction in Italy and Finland as validation of Wamo’s product-market fit and said the firm sees the company as “one of the most focused teams tackling this problem”.
TCEE Fund IV, 3TS’s current growth-stage vehicle, has a track record of backing category-defining European software and fintech companies. Oleka Capital, which specialises in wealth and financial technology, brings additional sector depth to the cap table.
Context for Europe’s SME fintech race
Wamo joins a crowded field of European challengers targeting the SME wallet — from Qonto and Finom to Revolut Business and a wave of vertical-specific players — but differentiates on its emphasis on embedded lending, multi-market licensing and a unified product surface. Its Finnish e-money authorisation provides passporting across the EEA, a meaningful asset for the rollout into Italy and the Nordics.
The €10 million Series A is modest compared with the later-stage rounds that defined the 2021-2022 SME banking cycle, but it is consistent with the more disciplined capital environment of 2026 and with Wamo’s stated preference for profitability over growth at any cost. The company says its unit economics have improved materially over the past year on the back of lending and interchange revenue.
For SMEs still stitching together accounts, cards, invoicing and capital from separate providers, the bet is that a single, AI-augmented operating layer will prove more durable than yet another point solution. Wamo has twelve months to prove it across its next two markets.
Related reading on Sesamers: European fundraising coverage.