Fintech
Thousands of Wamo clients will be able to incorporate a UK company in 48 hours
Digital banking services platform Wamo has started offering clients the possibility to register UK-incorporated companies through both its mobile app and its website.
The latest developments within Wamo’s tech offering will allow thousands of individuals and companies worldwide to open UK corporations remotely and seamlessly in less than two days.
Also, starting this week, Wamo’s new affiliation with global e-commerce tycoon Shopify will provide users rapid access to an end-to-end combo for quickly creating, running, and growing a digital business from one location.
The offer is not restricted to any geographical jurisdiction.
“We want to help SMEs to bank and do business worldwide. As a London company, we acknowledge that everyone should have access to the significant global opportunities this market brings,” Yanki Onen, Wamo’s CEO, explained.
The institution raised €1.75 million in a recent funding round, and transacted more than €350 million in the first nine months of 2022.
By providing the international community with the ability to create a legitimate UK business – with a virtual office address in the UK, if needed – in two days, and a price tag of just £99, Wamo is accomplishing its mission of facilitating the way smaller companies trade.
“For any entrepreneur, the starting point for building a business is setting up a company, closely followed by the necessity for a business bank account. These two traditionally time-consuming and often fee-filled procedures can be done with Wamo in a matter of hours (for the business account and company registration), and a couple of days for processing and obtaining a company certificate,” Onen explained.
“We want to make sure it is possible for anyone, anywhere, to start and operate a legitimate business almost instantly,” the company’s CEO explained.
The United Kingdom is one of the most dynamic global business destinations worldwide. Concerning nominal gross domestic product, the UK is the sixth-largest national economy in the world. Moreover, with a US$1 trillion market cap, the UK’s technology industry is ranked third after China and the US.
The entity, operating since 2021, has exceeded 3,000 customers and is on a steep upwards trajectory for further growth in the next 24 months.
It expects to close the financial year 2022, with more than €500 million in transactions and three times that amount in 2023.
At this stage, in its second year of operations, Wamo serves clients in 31 countries, originating from 89 countries.
Recently valued at €19 million, the fintech raised €1.75 million to be invested in new markets’ expansion and talent growth.
Wamo has offices in the United Kingdom and the European Union.
80% of the company’s team leaders are female, and the institution is fully committed to ESG premises.
It hopes to become the solution of choice for over 10,000 European SMEs looking for convenient, efficient solutions to their everyday financial management needs. The company has so far received support from angel and professional investors from Canada, Turkey, Malta, and the United Kingdom.
Wamo is on a mission to change how people think about banking and raise expectations around what they can expect from a banking service provider. The digital bank is firmly focused on delivering personal, supportive customer service, and on providing business owners and potential business owners the best-fit tools for the job.