Dubai-based money app Mamo has been granted a license by the Dubai Financial Services Authority (DFSA) to operate within the Dubai International Financial Centre (DIFC), a special economic zone and leading financial hub in the Emirates.

The company was previously granted an Innovation Testing License (ITL) in June 2021 which enabled it to operate in a controlled regulatory environment to test its business model.

Mamo currently has two products: a payment link service for businesses and a peer-to-peer digital wallet for consumers.

Founded in 2019, the company previously raised US$8 million in a funding round led by Global Ventures in 2021 and joined Visa’s Fintech Fast Track programme in 2020.

“Receiving full regulatory approval in DIFC allows us to continue to expand our product stack, offering new features and functionality to our customers. We are making sure we set a new example for compliance and regulation and are incredibly grateful to the DFSA for their support and guidance through the process,”

said Imad Gharazeddine, CEO and Co-Founder of Mamo.

“We are pleased that Mamo, one of our fintech clients, has been granted approval from the DFSA to operate as an authorised money services firm in the Centre. DIFC will continue to help Mamo and other fintech firms grow by harnessing opportunities in the region,”

said Arif Amiri, CEO of DIFC Authority.