Meemo said to raise $10m in funding as it launches from stealth

Mobile FinTech app Meemo has reportedly raised $10m in a funding round, as it comes out of stealth mode.

The capital injection was led by Saama Capital, Greycroft, Monashees and Sierra Ventures, with participation also coming from a number of angel backers, according to a report from Crunchbase. This investment was actually raised across two rounds, the first being a $5m investment in early 2019 and a $5m extension at the end of 2019, the article claims.

With the funding round closed, the company is looking to increase its team of nine engineers to 30 people. Additionally, capital will be spent on research and development efforts, it said.

Meemo is an AI-powered social finance app, which offers consumers automatic rewards for spending at select places. The mobile app also gives personalised insights on activity and spending, and lets users send gift cards to friends and family.

The app is available on Android and Apple devices.

There have been a variety of FinTech companies to launch out of stealth this year. Earlier in the month, end-to-end application security monitoring solution Traceable came out of stealth, after closing a $20m in funding.

Another company to launch out of stealth this year is PQShield, a cybersecurity company which is capable of stopping attacks from quantum computers.

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