Mamo, a fintech company based in the United Arab Emirates, has secured a $3.4 million investment round led by Cyfr Capital and previous backer 4DX Ventures and the Dubai Future District Fund.
Mamo was established in 2019 by Asim Janjua, Imad Gharazeddine, and Mohammad El Saadi. Its goal is to empower SMEs in the Middle East and North Africa (MENA) by streamlining their financial processes and increasing cost-effectiveness.
It will be able to increase both its market presence and its range of products with the aid of these extra finances. With a staff of thirty, Mamo has raised $13 million in funding thus far.
4DX Ventures, an existing investor, and the Dubai Future District Fund completed the investment round. Among the other investors was Cyfr Capital.
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The funds that were recently raised will be used to assist regional growth and broaden Mamo’s product offering in the United Arab Emirates.
“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.”
In order to meet the deeper financing operations needs of SMEs in the United Arab Emirates, the company intends to expand on its current complete financial services platform. To further expand its regional reach, Mamo will also utilise the money to start testing its cutting-edge product lines in the Kingdom of Saudi Arabia.
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.”
Mamo, a fintech startup with headquarters in the United Arab Emirates that aims to assist small and medium-sized companies in streamlining their corporate card, cost management, and payment collection requirements, has announced the successful closing of a $3.4 million fundraising round.
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More funding will enable Mamo to increase both its market presence and the range of products it offers.
Mamo currently has 30 members on the team and has raised a total of $13 million in investment thus far. Presently, company offers corporate cards, cost management, and payment collection all consolidated into a stunning, user-friendly financial services platform.
The main factor in SMEs’ ability to reduce transaction costs has been the consolidation of financial services.
About Mamo
Mamo is a platform that helps organisations modernise by combining corporate cards, expenditure management, and payment collection into one elegant and user-friendly interface.
