Fintech
UAE Fintech Mamo Raises $3.4M in Funding to Expand Financial Services to SMBs
Mamo, a UAE-based fintech startup that is on a mission to help small and medium-sized businesses consolidate their payment collection, business card, and expense management needs, has announced the successful completion of a $3.4 million funding round. The additional funding will help Mamo expand its product offerings and expand its market presence.
The funding round was completed by existing investors 4DX Ventures and Dubai Future District Fund. Other investors included Cyfr Capital.
The newly raised capital will be used to expand Mamo’s product offerings in the UAE and support regional expansion. The company plans to further develop its comprehensive financial services platform to meet the deeper needs of SME financial operations in the UAE. Additionally, Mamo will use the funds to begin testing its innovative product lines in the Kingdom of Saudi Arabia, further expanding its regional footprint.
The SME sector accounts for 94% of the total number of companies operating in the UAE, according to the Ministry of Economy. Mamo was founded with the vision of simplifying payments for SMEs and equipping them with the tools they need to succeed in today’s competitive market. We have been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will enable us to reach our medium-term goals even faster. The support of new and existing investors is proof of our strong expertise and ability to deliver on our promise to our customers.
Imad Gharazeddine, Co-Founder & CEO, Mamo
We have immense confidence in Imad’s vision, Mamo’s leadership and innovative approach to provide a comprehensive and user-friendly financial solution for SMBs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission.
Daniel Marlo, General Partner, 4DX Ventures
Mamo’s localized product lines serve as the infrastructure for SMB payments and expense management in the UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-centric approach to solidify SMBs’ financial journeys and create a fintech solution that is deeply integrated into a company’s core operations.
Amer Fatayer, Chief Executive Officer – Investment Team, DFDF
To date, Mamo has raised a total of $13 million in funding and has a team of 30 people. Mamo’s current product offerings include payment collection, corporate cards, and expense management, all housed in one beautiful, intuitive financial services platform. This consolidation of financial services has been instrumental in helping SMBs save on transaction fees.