Mamo, a fintech startup based in the UAE, has successfully secured $3.4 million in its latest funding round. The fintech aims to enhance financial operations for small and medium-sized enterprises (SMEs) throughout the MENA region. The funding was led by existing investor 4DX Ventures and the Dubai Future District Fund (DFDF), with additional backing from Cyfr Capital.
Established in 2019 by Asim Janjua, Imad Gharazeddine, and Mohammad El Saadi, Mamo focuses on empowering SMEs by streamlining their financial processes and boosting cost efficiency. So far, the company has raised a total of $13 million and has a workforce of 30 employees.
The new funds will support Mamo’s growth initiatives in the UAE and its regional expansion plans. The company intends to enhance its all-encompassing financial services platform, which currently includes payment collection, corporate cards, and expense management solutions. Mamo is also set to pilot its innovative product offerings in the Kingdom of Saudi Arabia as part of its strategy to broaden its market reach in the region.
“The SME sector accounts for 94% of the total number of companies operating in the UAE…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,” said Imad Gharazeddine, co-founder and CEO of Mamo.
Gharazeddine further said: We have been operating in the market for a while and take great pride in what our team has accomplished. The wide-ranging and varied nature of our product lineup has allowed us to maintain growth. This new funding will speed up our journey toward our medium-term objectives.
Amer Fatayer, Managing Director of DFDF’s Investment Team, emphasised the contribution Mamo makes in meeting the requirements of SMEs in the UAE. “Mamo’s localised 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,” said Fatayer.
This new round of funding allows Mamo to advance its goal of offering SMEs a smooth and effective financial services platform, enabling them to reduce transaction costs and optimise their financial processes.
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