wamo
E-resident and EEA SMEs wanting remote onboarding, EU IBANs, cards and integrated payment tools.
About wamo
wamo is a digital business-account platform targeted at EEA SMEs and e-residency companies that want remote onboarding, EU IBANs, cards and cross-border payment tools. It is designed as a day-to-day operating account rather than a traditional branch-bank relationship.
Company plans currently start with Freemium at €0 per month, followed by Start at €20 and Grow at €59. The platform supports payments in 22 currencies, can hold selected major currencies, offers SWIFT payments to 47+ countries and includes Visa business cards. wamo also promotes accounting connectivity, including Xero integration.
wamo is an electronic money institution rather than a bank. Customer funds are safeguarded in segregated accounts and are not covered by a traditional bank deposit-guarantee scheme.
Key strengths
- Remote, digital-first setup aimed at e-residency and EEA small businesses.
- Freemium plan with no setup fee and paid plans for higher usage.
- EU IBAN, business cards, multi-currency payments and SWIFT functionality in one platform.
- Accounting connectivity and team/card-management features suit small operating teams.
Key limitations
- wamo is not a traditional bank; balances are safeguarded rather than protected by a bank deposit-guarantee scheme.
- Supported countries, owners and business activities remain subject to eligibility rules.
- Public information on multi-step payment approvals and direct banking API access is less clear than at some competitors.
Companies with directors, shareholders or UBOs in prohibited jurisdictions, or businesses needing a traditional bank deposit guarantee.
How the account works
Finance workflow
Yes — team and card-management functionality is available.
Xero integration plus team access; no dedicated accountant-only role verified.
Not clearly documented in the public materials reviewed.
Conditional
Xero integration is advertised. Open Banking / PSD2 API references are public; direct business-banking API scope should be verified for each use case.
How customer funds are protected
wamo is a Finnish-regulated EMI. It states that 100% of customer funds are held in segregated safeguarding accounts; this is safeguarding, not the bank Deposit Guarantee Scheme.
Not sure if wamo is the right fit?
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