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Dubai FinTech Mamo secures $3.4m investment

By Gloria Methri

July 26, 2024

  • 4DX Ventures
  • Business Spend Management
  • Corporate Cards
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MamoUAE-based FinTech Mamo has raised a $3.40 million funding round, which was provided by existing investors 4DX Ventures and the Dubai Future District Fund, along with Cyfr Capital.

Founded in 2019, Mamo is on a mission to empower SMEs in the MENA region by simplifying their financial operations and enhancing cost-efficacy. Its product offering includes payment collection, corporate cards, and expense management all consolidated in one financial services platform.

The newly raised capital will be allocated to expand Mamo’s product offering within the UAE and support regional expansion. The company has plans to develop further its financial services platform to address the deeper finance operations needs of SMEs in the UAE.

Additionally, Mamo will use the funds to begin testing its innovative product lines in the Kingdom of Saudi Arabia, further extending its regional footprint.

“The SME sector accounts for 94% of the total 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. “This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors alike is a testament to our strong expertise and the ability to deliver on our customer promise.”

Daniel Marlo, General Partner, 4DX Ventures, said, “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, added, “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.”

To date, Mamo has raised a total of $13 million in funding, and the team stands at 30 people.

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