Wamo to start charging sole trader clients a monthly fee from April

Business financial platform Wamo will start charging clients registered as sole traders €9.99 per month. This decision comes a few months after the company quietly decided in November 2022 to stop accepting applications for sole traders, and only open accounts for registered businesses.

Sole traders were told that from 10th April 2023, their accounts will be upgraded to a ‘Pro Plan’ and will be charged 9.99 a month, instead of their current free plan. While still relatively cheaper than the company's other plans, it's still a significant increase in overhead for freelancers.

Freelancers who wished to opt-out were urged to get in touch with the company to have their accounts closed.

The company launched in Europe in June 2021 and is headquartered both in the UK and Malta. It gained prominence in Malta when Revolut Business decided to suspend accepting applications for new accounts in the country in June 2022, as prospective freelancers and business owners scrambled for digital banking alternatives.

The company’s decision to start charging all sole traders using their app could come to the advantage of Revolut. Recently the company launched Revolut Pro in Malta, a feature which allows sole traders to open a second account for business purposes through the basic app for free.

A local entrepreneur who informed this newsroom of Wamo’s decision said, “I’m going to close my Wamo account and move everything to Revolut Pro as soon as possible.”

She said she initially opened an account with Wamo as Revolut Business was no longer accepting applications. However, soon as it became possible she opened an account with Revolut Pro as a contingency.

Featured Image: Wamo via Wamo Facebook Page