Mamun Closes $3 Mn to Expand Gulf–Asia Trade Finance

Founded in Oman, Mamun provides Sharia-compliant trade-finance solutions to businesses involved in cross-border trade. The platform uses artificial intelligence (AI) to assess exporters, buyers and trade documents to support financing decisions.

Funding Details

Mamun raised $3 million in a seed funding round led by Phaze Ventures through its Oman Fund. Jasoor Ventures also participated in the round.

The company plans to use the fresh capital to expand its trade-finance operations and strengthen its AI-based underwriting and financing platform.

The investment comes as businesses continue to seek financing solutions for cross-border transactions between the Gulf and Asian markets.

How Will Mamun Use the Funding?

Mamun will use the investment to expand its trade-finance platform and support more businesses involved in international trade.

The platform focuses on addressing payment delays faced by exporters. Businesses often wait 60 to 90 days to receive payments after shipping products, creating cash-flow challenges, particularly for smaller companies.

Mamun uses AI to assess trade-related information and help investors finance eligible transactions. This allows businesses to access working capital while waiting for payments from buyers.

Trade Finance Market Opportunity

According to the Asian Development Bank (ADB), the global trade-finance gap stands at approximately $2.5 trillion. Around 41% of trade-finance applications from SMEs are rejected.

Mamun aims to address this gap by using technology to evaluate businesses and trade transactions that may not meet traditional banking requirements.

The company also said that approximately 40% of its trade-finance settlements already clear through Hong Kong-based financial institutions and businesses.

Partnerships and Regulatory Framework

Mamun has partnered with Credit Oman to apply trade-credit insurance to eligible financing facilities.

The company's Omani entity operates under the crowdfunding framework regulated by Oman's Financial Services Authority (FSA). However, this licence applies to its Omani entity and does not cover its operations in Abu Dhabi and Hong Kong.

The company is also looking to strengthen trade-finance connections between Oman, the UAE and Asian markets.

About Mamun

Mamun is a fintech startup focused on making trade finance more accessible to businesses involved in international trade. The company operates across Muscat, Abu Dhabi and Hong Kong, connecting businesses and financial institutions across the Gulf and Asia.

Its platform uses AI-based underwriting to evaluate trade transactions, including contracts, buyer information, business documents and trading history. This approach aims to help small and medium-sized enterprises (SMEs) access financing when traditional banking options are limited.

What Happens Next?

With the new investment, Mamun plans to expand its trade-finance operations and improve its AI-based assessment capabilities.

The company aims to support more exporters and businesses by providing access to financing for cross-border transactions. Its growth will focus on trade connections between Oman, the UAE and Asia, including Hong Kong.

The startup's next phase will depend on expanding its financing activities and building stronger relationships with businesses and financial institutions across these markets.

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