UAE Fintech Mamo Secures $3.4 Million to Expand Offerings to SMEs
The funding will be used to expand within the UAE and support its entry into key new regional markets, such as Saudi Arabia.
UAE-based fintech startup Mamo has secured $3.4 million during its latest investment round, taking its total funding to $13 million. Most of the funding came from Mamo’s existing investors, including 4DX Ventures, a Pan-African-focused venture capital firm, and the Dubai Future District Fund. These investors were joined by Cyfr Capital, an Omani venture capital firm based in Muscat and the UAE.
Mamo provides an integrated platform for small and medium-sized businesses (SMEs) to streamline their financial operations. The company announced it will use the additional funding to expand within the UAE market and support its entry into key new regional markets, most notably Saudi Arabia, while enhancing its current platform and product line.
“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,” Imad Gharazeddine, co-founder and CEO of Mamo, tells StartupScene. “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 news follows a string of recent investments in UAE-based fintech startups, such as the $14 million raised in Series A funding by real estate fintech startup Stake last June, bolstering the UAE’s credentials as a key player in the global fintech industry.
