Mamo, a Dubai-based digital wallet and peer-to-peer payments platform, has been granted an Innovation Testing License to operate in or from Dubai International Financial Centre (DIFC), the global financial center and fintech hub in the MEASA region.
The license has been granted by the Dubai Financial Services Authority (DFSA) to carry out the regulated activity of Providing Money Services.
This allows Mamo to test its products and services in a rapidly growing market under conditions defined by the DFSA.
Launched in 2017, DFSA’s Innovation Testing Licence (ITL) Programme is a licensed regulatory sandbox which enables approved firms to test new and innovative financial products, services, and business models in and from the DIFC within a restricted regulatory environment.
Mamo had previously raised US$8 million in a pre-Series A round which was announced last month, and led by Global Ventures. The round was also joined by 4DX Ventures, AlRajhi Partners, Olive Tree Capital, B&Y and some fintech-focused investors from Silicon Valley.
Salmaan Jaffery, Chief Business Development Officer at DIFC Authority said,
“DIFC is pleased to provide the most advanced, innovative and comprehensive financial services framework in the region which is driving the future of the sector. The Innovation Testing License is ideally suited to helping startups such as Mamo.
We are delighted to welcome Mamo to our community, which is now the largest cluster of finance, fintech and innovation companies in the region and provides Mamo with the ecosystem to achieve their growth ambitions.”
Mohammed El Saadi, CEO and Co-Founder of Mamo said,
“We are thrilled to achieve this milestone and be granted this license by the DFSA, which permits us to provide payment services from DIFC.”