Mamo Pay, a digital payments app, has reportedly secured $1.5m in its seed round as it gears up for launch.
The round was led by Global Founders Capital, with additional support coming from Global Ventures, VentureSouq, MSA Capital, Dubai Angel Investors, 500 Startups and several angel investors, according to a report from Mena Bytes.
Dubai-based Mamo Pay is currently engaged with regulators and partners to launch its app in the MENA region. Its aim is to help consumers make money transfers without the need of an international bank account number, but instead by simply using a mobile phone number or email address.
The mobile app will allow users to send money to friends, family, housekeepers and nannies instantly. It will also send reminders for upcoming payments and help the customer better track their spending.
Last year, enterprise blockchain company R3 formed a partnership with Dubai-based FinTech startup Wethaq to develop a new financial market infrastructure in Islamic capital markets. The goal of the platform is to support the issuance and trading of Sukuk securities.
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