Trade finance platform mamun raises $3 M Seed funding to finance Gulf-Asia trade from Muscat
Mamun, a Sharia-compliant trade finance platform, has secured $3 million in a seed funding round led by Phaze Ventures through its Oman Fund, with participation from Jasoor Ventures.
In a statement on Wednesday, mamun said the fresh capital will be used to expand its artificial intelligence (AI)-powered origination and underwriting capabilities along the trade corridor connecting the Greater Bay Area, Oman and the UAE.
Mamun provides financing to exporters to bridge the period between shipping goods and receiving payment. For instance, an exporter in Muscat may have to wait 60-90 days to receive payment after dispatching a shipment. Banks often decline to finance this gap because smaller exporters lack extensive financial track records. The Asian Development Bank (ADB) estimates the global trade finance gap at S$2.5 trillion, with 41 percent of SME trade finance applications being rejected.
The platform evaluates the businesses involved in each trade, as well as the shipment, contract, buyer, trade documents and transaction history between the parties. It then presents the trade opportunity to investors on its platform. According to the company, its origination engine identifies and screens trades as they emerge.
Mamun said cross-border trade financing is more complex because it involves two regulators, two banking systems and two legal frameworks. To address this, the company has established operations across the corridor.
Its headquarters and origination operations are based in Muscat, where it operates under the Financial Services Authority’s crowdfunding framework. It also has entities in Abu Dhabi and Hong Kong. The company said around 40 percent of its trade finance settlements are already processed through institutions and businesses based in Hong Kong.
Its licence allows mamun to onboard investors from within and outside Oman and provide financing to businesses in both markets.
The company also pointed to growth in Oman’s non-oil trade, with non-oil exports increasing by around 10 percent in the first seven months of 2026 and re-exports rising 13.6 percent. The UAE remains Oman’s largest non-oil trading partner.
Founded in 2018, Phaze Ventures is Oman’s oldest private venture capital firm. Through its Oman Fund, it invests in homegrown Omani businesses using artificial intelligence. Jasoor Ventures, based in the Abu Dhabi Global Market (ADGM), invests across the Middle East, North Africa and Turkey.
