The successful completion of a $3.4 million funding round has been announced by Mamo, a fintech startup with headquarters in the United Arab Emirates that aims to assist small and medium-sized enterprises in streamlining their corporate card, expense management, and payment collection requirements. Mamo plans to use the additional funding to increase both its market presence and range of products.
The Dubai Future District Fund and 4DX Ventures, two current investors, completed the funding round. Cyfr Capital was one of the other investors.
Mamo plans to use the recently raised funds to support regional expansion and broaden its product offerings in the United Arab Emirates. To better meet the deeper finance operations needs of SMEs in the UAE, the company intends to expand on the development of its all-inclusive financial services platform. To further expand its regional reach, Mamo will also use the money to start testing its cutting-edge product lines in the Kingdom of Saudi Arabia.
“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,” said Imad Gharazeddine, co-founder and CEO, Mamo. “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 support from new and existing investors alike is testament to our strong expertise and the ability to deliver on our customer promise.”
Daniel Marlo, General Partner, 4DX Ventures, commented: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission.”
Amer Fatayer, Managing Director – Investment Team, DFDF, commented: “Mamo’s localized 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. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations.”
With thirty members, Mamo has raised a total of $13 million in funding thus far. Payment collection, corporate cards, and expense management are all included in Mamo’s current product offering, which is all contained on a stunning, user-friendly financial services platform. Saving SMEs money on transaction fees has been made possible by the consolidation of financial services.
