Mamo, a Dubai-based digital wallet and peer-to-peer payments platform, announced that it has raised US$8 million in its latest Pre-Series A funding round.
The round was led by Global Ventures, along with the participation of 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent fintech-focused Silicon Valley investors.
The funding will be used initially on developing the fintech’s service offerings, increasing utility for its customers, and enhancing its Mamo Business product, and further expanding growth in the UAE and Saudi market, coupled with strategic new hires to support its expansion.
Mamo’s customer-centric fintech platform allows users to send and receive payments through their smartphone instantly, securely and free of charge.
Their recently launched service Mamo Business allows freelancers and small businesses to receive online payments from their customers, without the burden of expensive and complex gateway and merchant integrations.
In addition to joining Visa’s Fast Track Program, Mamo has also secured principal regulatory approval from the Dubai Financial Services Authority to operate under its Innovation Testing License.
Mohammad El Saadi, Co-Founder at Mamo commented,
“This fundraising is a testament to Mamo’s performance in the region and reflects our ambition to be the leader within the payments space.
We believe that accepting and making payments should be much simpler than it is today, for everyone. Through Mamo, we will support the UAE and MENA in its transition to a digital economy.”
Featured image: (From left) Mohammad El Saadi, Asim Janjua, Imad Gharazeddine, Co-Founders of Mamo
