Digital business account provider for SMEs Wamo has selected Modulr as its new Banking-as-a-Service (BaaS) provider to broaden its product offering to EU and UK-based companies.
Following the integration, Wamo intends to “reignite” its presence across the EU and in the UK, by offering additional features and services to SMEs.
Among its plans are to provide business account holders with access to credit, credit cards and a US dollar account.
Wamo’s current features include multi-currency accounts and cards, with sub-accounts and linked Visa Debit Cards, each with an option of Euro or GBP IBANs.
It also provides domestic and international money transfers, as well as in-person customer support, while the Wamo ‘Connect Programme’ provides offers from partners, like Shopify, Hubspot, and Canva, to support SMEs’ business growth and development.
“We’re excited to partner with Modulr to widen our product offering and services to EU and UK companies,” said Yanki Onen, chief executive officer and founder of Wamo.
“By actively focusing on our current customers to understand their business needs deeply, we are learning how to meet them better than anyone else. We’re at a point where we can afford to dig in and reflect to see where the fintech industry can go far beyond simply meeting business owner expectations – although that’s a great start.”
Onen added: “Our commitment to best-in-class customer service is going to lead how we think about launching new services later this year.”
“Modulr is excited to partner with Wamo to unleash the power of embedded payments in their business banking platform,” said Tony Byers, Modulr’s chief customer officer.
“Our rock-solid API payments infrastructure will empower Wamo to provide account creation and payment processing, driving efficiency and smoother experiences for their customers.”
Since its inception in 2018, Wamo has raised $3.8 million in funding, processed nearly €1.3 billion in transactions to date, and opened business accounts for 7,500 new customers globally.