Mamo, a UAE-based FinTech startup, has successfully completed a new funding round, raising $3.4m.
The investment comes from existing partners including 4DX Ventures and the Dubai Future District Fund, with additional participation from Cyfr Capital.
Specialising in streamlining financial operations for small and medium-sized enterprises (SMEs), Mamo offers a consolidated platform that integrates payment collection, corporate cards, and expense management. This innovative approach aims to simplify the financial intricacies faced by businesses daily.
The freshly secured funds are earmarked for the expansion of Mamo’s product line within the UAE and to facilitate their entry into new regional markets, including the Kingdom of Saudi Arabia. This strategic move is designed to enhance their current financial services platform, which is tailored to meet the extensive finance operations needs of SMEs in the region.
In addition to product and regional expansion, Mamo plans to innovate and test new product lines that promise to further enrich their offerings. The goal is to fortify their position as a comprehensive financial services provider in the Middle East, particularly for SMEs, which make up a significant portion of the UAE’s business ecosystem.
Mamo co-founder and CEO Imad Gharazeddine said, “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 a vision to make payments simple for SMEs and empower them with the tools needed to succeed in today’s competitive market. We’ve 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 allow us to reach our medium-term goals even faster. The support from new and existing investors alike is testament to our strong expertise and the ability to deliver on our customer promise.”
General Partner at 4DX Ventures, Daniel Marlo, commented, “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission.”
Amer Fatayer, Managing Director – Investment Team at DFDF, commented, “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations.”
To date, Mamo has raised a total of $13m in funding. The team, which currently consists of 30 individuals, continues to drive innovation within the FinTech sector, significantly reducing transaction fees for SMEs through its streamlined financial services platform.
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
