“Can a FIN-FSA-licensed EMI become the default cross-border business account for underserved European SMEs?”
Founded in 2021 (originally as Innovertu) to serve European SME banking needs, Wamo built itself as an EMI-licensed digital business account rather than chasing a full banking charter. After securing its own FIN-FSA EMI licence, it partnered with Banking Circle in 2024 for banking infrastructure, then added embedded business lending in 2025 via Froda Embedded — deepening from pure deposits/cards into a broader SME financial OS covering accounts, FX in 22 currencies, POS acquiring, and credit.
Wamo discloses Wamo Solutions Oy (in-house) and Banking Circle as its banking providers, according to the Embedded Finance Index 2026.
Wamo does not disclose a bank charter of its own; its banking services are provided through Wamo Solutions Oy (in-house) and Banking Circle.
Wamo processes payments through Wamo POS (self-operated). Disclosed money-movement rails: SWIFT and SEPA Instant.
Wamo's cards are issued through Wamo Solutions Oy (in-house) on the Visa network.
Wamo's lending and capital products are provided by Froda Embedded.
Wamo connects to bank accounts through Salt Edge.
Wamo uses Banking Circle for FX and cross-border payouts.
Wamo integrates with Xero.
The Embedded Finance Index 2026 maps 11 layers in Wamo's stack: Payments / PSP (Wamo POS (self-operated)); Money movement (SWIFT and SEPA Instant); Banking / BaaS (Wamo Solutions Oy (in-house) and Banking Circle); Card issuing (Wamo Solutions Oy (in-house)); Card network (Visa); Lending (Froda Embedded and wamo business loan (€500 – €100,000, Finland)); Open banking (Salt Edge); Sponsor bank (Banking Circle); FX & payouts (Banking Circle); Accounting (Xero); Spend / AP (Wamo (self-operated)).
Wamo was founded by Yanki Önen and is founded in 2021, headquartered in Helsinki, Finland (with office in London, UK).
Wamo has raised unknown in total (latest round: Later Stage VC, $11.6M).
Get a read on where your own stack stands against Wamo and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.