Dubai fintech Mamo raises $8m in pre-series A funding

Dubai-based fintech, digital wallet and payments platform Mamo raised $8m in its pre-Series A funding round, it announced on May 17.

The round was 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. It will also be deployed to expand growth in the UAE and Saudi market, along with new hires to support its expansion, a statement said.

Mamo’s fintech platform allows users to send and receive payments through their smartphone free of charge. The Mamo Business product, meanwhile, allows freelancers and small businesses to receive online payments from their customers, without gateway and merchant integrations. The company has also secured principal regulatory approval from the Dubai Financial Services Authority to operate under its Innovation Testing License.

Mohammad El Saadi, co-founder at Mamo, said: “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.”

“The regional fintech space is booming because of innovators like Mamo who are empowering customers and businesses alike, by revolutionising 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,” noted Basil Moftah, general partner at Global Ventures.