Wamo strengthens SME services with Modulr BaaS partnership
Wamo, the London-based fintech company, has tapped Modulr for banking-as-a-service (BaaS), as it attempts to “reignite” its presence in the UK and Europe.
Wamo partners Modulr for banking-as-a-service
Founded in 2018, Wamo provides businesses and SMEs with account services as a means to support economic activity in the EU and UK. Its services allow businesses to register business cards, manage teams, distribute debit cards, make payments, and send and receive money all through “human-led support”.
The fintech’s latest deal makes it a distributor of Modulr financial services, which includes its embedded payments platform which seeks to offer an alternative to traditional bank account services.
Wamo said in a statement this week that it intends to reinforce the integration of Modulr’s infrastructure with the launch of additional services and features, giving the indication that this effort would extend to USD accounts, credit cards and loan services.
Speaking on the partnership, Yanki Onen, CEO and founder of Wamo, confirms that it is enabling his company to “widen our product offering and services to EU and UK companies” and that its commitments to “best-in-class customer service” would be at the forefront of its new product launches “later this year”.
“We’re determined to build on firm foundations,” continues Onen. “Our goal is to make business banking not just accessible but encouraging for anyone with business ownership ambitions.”
Adding to this, Tony Byers, Modulr’s chief customer officer, anticipates that the partnership with Wamo’s business banking platform will “unleash the power of embedded payments” and that Modulr’s “rock-solid” API payments infrastructure will “empower Wamo to provide account creation and payment processing, driving efficiency and smoother experiences for their customers”.
