Dubai-based fintech, digital wallet, and payments platform Mamo has raised $8 million in a pre-Series A funding led by Global Ventures, along with the participation of 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and Silicon Valley investors.
The funding will be used initially on developing the company’s service offerings, increasing utility for its customers, and enhancing its Mamo Business product. According to the company statement, it will also be used to expand development in the UAE and Saudi markets, as well as new hires to help with the expansion.
Mamo’s fintech app enables users to send and receive payments for free using their smartphones. Meanwhile, the Mamo Business product enables freelancers and small businesses to accept online payments from their customers without the need for a payment gateway or merchant integration.
As per the reports, the company has also secured principal regulatory approval from the Dubai Financial Services Authority to operate under its Innovation Testing License.
The startup was co-founded by Asim Janjua, Imad Gharazeddine, and Mohammad El Saadi, three former Google employees with extensive experience in product design, engineering, marketing, operations, and business development.
“This fundraising is a testament to Mamo’s performance in the region and reflects our ambition to be the leader within the payments space. We believe that accepting and making payments should be much simpler than it is today, for everyone. Through Mamo, we will support the UAE and MENA in its transition to a digital economy. At Mamo, we want to lead and drive financial independence and inclusion across the greater MENA region. At the core of it, money is a medium of social exchange and we are building the fabric to connect every member of this society together from the well-banked to the unbanked – from small business owners to freelancers and beyond. I’m thrilled to bring our human-first and customer-centric approach to residents and businesses alike in the UAE, while we prepare for our launch in the Kingdom of Saudi Arabia.”
“The regional fintech space is booming because of innovators like Mamo who are empowering customers and businesses alike, by revolutionizing the ways they traditionally deliver and consume financial services. The start-up is setting the tone for a thriving and innovation-driven financial ecosystem in MENA,” commented Mr. Basil Moftah, general partner at Global Ventures.