Wamo Closes €10m Series A to Power European SMEs

Wamo, a European SME financial operating platform, has raised €10 million in Series A funding to accelerate expansion in Italy and the Nordics, enhance its product capabilities, and support the rollout of AI-driven tools across its business account platform. 

The majority of the funding round was provided by TCEE Fund IV, advised by 3TS Capital Partners, a technology-focused growth capital firm investing across Engineering Europe. Oleka Capital and existing investors also participated.

Building Europe’s SME financial stack

Wamo, which is licensed and regulated by the Finnish Financial Supervisory Authority, provides a multi-currency business account already used by over 15,000 customers across Europe, along with cards, invoicing, expense management and other embedded financial tools within a unified platform designed for SMEs. Adoption of Wamo has tripled in the last 12 months, with particularly strong uptake in Southern Europe and the Nordics, and Italy emerging as a key growth market.

Embedded lending, powered by data

As access to financing remains a structural challenge for European SMEs, Wamo aims to provide growth capital to help SMEs hire, invest, and expand into new markets. 

Wamo integrates lending into its financial platform, using real-time banking, payments, and operational data to enable faster, data-driven underwriting. After successfully launching its business loan service in Finland, Wamo plans to expand lending across Europe in Q2 2026 through strategic partnerships, targeting €100 million in lending volume in the next 12 months.

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.”

Pekka Mäki, Managing Partner at 3TS Capital Partners, commented: “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.”

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.”