UK-based digital business account provider for SMEs wamo has chosen Modulr as its Banking-as-a-Service provider.
As part of this integration, Wamo is gearing up to expand its presence in the European Union and the United Kingdom while bolstering its business account services for SMEs. Future developments include granting wamo business account holders access to credit, credit cards, and a USD account in addition to its existing features.
In the official press release, representatives from wamo expressed enthusiasm about the collaboration with Modulr, emphasising their commitment to meeting the needs of EU and UK companies. They highlighted their continued focus on their current customers with the goal of understanding their business needs and learning how to fulfil their requirements.
Officials from Modulr shared their excitement about the partnership, highlighting Modulr's role in enabling embedded payments within wamo's business banking platform. They noted that Modulr's API payments infrastructure would enhance account creation and payment processing, leading to greater efficiency and improved customer experiences.
Founded in 2018, wamo's mission is to support SME growth by simplifying access to business accounts and a network of partners. The company has raised USD 3.8 million in funding since its inception, processed nearly USD 1.3 billion in transactions, and facilitated the opening of business accounts for 7,500 new customers worldwide according to the company press release.
Among the current features available on the Wamo platform are multi-currency accounts and cards with sub-accounts and linked Visa Debit Cards, team management functionalities for effective delegation of responsibilities, quick and cost-effective local and international payment services, personalised in-person customer support, and the Wamo Connect Programme offering partnerships with companies like Shopify, Hubspot, and Canva to support business growth and development.
In June 2023, Modulr has expanded its operations in France and Spain as part of its European growth strategy. The company aims to solidify its presence in these two regions and support the development of product functionalities designed specifically for the French and Spanish markets. Modulr has received regulatory and branch registration approvals from the Banque de France and Banco de España, which will allow it to develop localised functionalities and increase the competitiveness of regional firms both in-country and across the UK and EEA.
Modulr offers an alternative to traditional corporate bank payments by allowing business payments to operate 24/7, under full software control, and in real time. Companies can leverage Modulr’s account creation APIs to automatically reconcile high-volume income payments thus avoiding manual and lengthy processes.
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