The investments will fund the startup’s expansion into the KSA market and focus on streamlining entrepreneurial financial independence.
Dubai-based fintech platform Mamo has raised $8 million in a Pre-Series A funding round led by Global Ventures, in tandem with 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and Silicon Valley investors.
The customer-centric digital wallet fintech platform allows users to send and receive payments instantly, securely, and free of charge using their smartphone. Co-founded by Asim Janjua, Imad Gharazeddine, and Mohammad El Saadi--all three of whom are former Google employees with experience in product design, engineering, marketing, operations, and business development--the company’s axial focus is on its exemplary user experience. Mamo’s recent project, Mamo Business, illustrates that very notion in allowing freelancers and small businesses to receive online payments from customers without the burden of navigating complex gateway and merchant integrations.
Co-founder El Saadi stated in a press release that “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. 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.”
In addition to further expansion into the UAE and Saudi Arabian market, Mamo will use the funds to develop service offerings, increase utility for its customers, and further enhance the Mamo Business initiative.