Wamo, a European financial platform for SMEs, has announced that it has raised €10 million in a Series A funding round to accelerate its expansion in Italy and the Nordic countries, enhance its product features and introduce AI-powered tools within its business account.
The majority of the funding was provided by TCEE Fund IV, managed by 3TS Capital Partners, a technology-focused growth capital firm that is leading the deal and invests in engineering companies across Europe. Oleka Capital and existing investors are also participating.
Wamo, authorised and regulated by the Finnish Financial Supervisory Authority (FIN-FSA), offers a multi-currency business account already used by over 15,000 customers across Europe, with cards, invoicing, expense management, POS and other financial tools integrated into a single platform designed for SMEs. Adoption has tripled over the last 12 months, with strong growth in Southern Europe and the Nordic countries, and Italy as a key market.
Since 2025, the fintech company has seen a 15-fold increase in the number of customers in Italy, under the leadership of Country Manager Antonio Mazza. Today, more than 10,000 Italian small business owners, retailers and freelancers rely on Wamo to simplify their day-to-day financial management. In 2026, the opening of a new representative office in Bologna will be completed, the local team will be expanded, and new products for SMEs will be introduced. Investments in Italy will also focus on strengthening local partnerships and campaigns to promote business development, even outside the main economic hubs, with a particular focus on female entrepreneurship.
As access to credit remains challenging for European SMEs, Wamo aims to provide growth capital to enable them to hire, invest and expand abroad. The company integrates lending into its platform using real-time banking, payments and operational data to enable faster, data-driven assessments. Following the launch of its lending service in Finland, Wamo plans to expand across Europe, starting with Italy, in the second quarter of 2026 through strategic partnerships, with a target of €100 million in volume over the next 12 months.
Yanki Onen, founder of Wamo (pictured with the co-founders), said in a statement: “European SMEs need smarter infrastructure, not just digital banking services. We are integrating artificial intelligence and automation into our platform to reduce friction, gain deeper insights and give businesses greater control over their finances. Our AI-native solutions are designed to be invisible and to assist entrepreneurs seamlessly and effortlessly. We are rapidly aiming to reach 100,000 customers and will offer a hyper-personalised Wamo experience for each of them, making every experience unique and tailored to their business.”
Pekka Mäki, managing partner at 3TS Capital Partners, comments: “The SME banking sector in Europe remains largely fragmented, and the opportunity for a truly integrated platform is enormous.” “Wamo is one of the most focused teams we have seen tackle this challenge, and its early successes in Italy and Finland validate the model. Having supported fintech leaders across the continent for over 20 years, we know what it takes to grow, and Wamo has the right foundations to become the go-to financial platform for SMEs in Europe.”
Ilker Sozdinler, general partner at Oleka Capital, says: “The SME banking sector in Europe remains underserved and fragmented. Wamo’s approach, which combines intelligent automation with a constant focus on the customer experience, positions them to capture a significant share of the market. We have been impressed by their ability to execute in Italy and Finland and are confident in their ability to expand simultaneously into several markets.”
“Over the past two years, Italy has made huge strides in the digitalisation of financial services, but there is still enormous scope for growth, particularly in the country’s outlying areas, where we are accelerating the adoption of payment methods among micro-businesses and merchants, thanks to an extensive distribution network, a seamless digital experience combined with round-the-clock human support,” says Mazza.
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