back Back

UAE-based P2P payments app Mamo raises $8 million

By Leandra Monteiro

May 18, 2021

  • UAE
Share

Mamo Pay, Mamo, Dubai, P2P payments, million, Global Venture, funding, UAEUAE-based FinTech Mamo has raised $8 million in a pre-Series A funding round. According to a company statement, the round was led by Global Venture and also joined by 4DX Ventures, AlRajhi Partners, Olive Tree Captial, and some FinTech investors from Silicon Valley. This comes little over a year after Mamo raised $1.5 million in a seed round, which was led by Global Founders Capital.

Founded by three previous Google employees; Asim Janjua, Imad Gharazeddine, and Mohammad El Saadi, Mamo had launched last year with Mamo Pay, a digital wallet. Mamo’s digital wallet and payments platform deals majorly with peer-to-peer payments, enabling its users to send and receive payments from anywhere in the UAE with a few clicks on a smartphone and zero fees.

According to a company statement, Mamo said that it has received principal regulatory approval from the Dubai Financial Services Authority to operate under its Innovation Testing License. The FinTech start-up had also joined Visa’s FinTech Fast Track Program last year. In addition to its UAE expansion, Mamo is also preparing to launch its services in Saudi in the near future.

According to media reports, commenting on the investment, Co-founder Mohammed El Saadi said, “This fundraising is a testament to Mamo’s performance in the region and reflects our ambition to be the leader within the payments space. We believe that accepting and making payments should be much simpler than it is today, for everyone. Through Mamo, we will support the UAE and MENA in its transition to a digital economy. At Mamo, we want to lead and drive financial independence and inclusion across the greater MENA region.”

According to media reports, Basil Moftah, General Partner at Global Ventures, said, “It is exciting to see Mamo’s growth and even more so, to be a part of their journey. The regional FinTech space is booming because of innovators like Mamo who are empowering customers and businesses alike, by revolutionizing the ways they traditionally deliver and consume financial services. The start-up is setting the tone for a thriving and innovation-driven financial ecosystem in MENA.”

Previous Article

May 18, 2021

5 easy ways to improve your credit score quickly

Read More
Next Article

May 18, 2021

Tink acquires German open banking firm FinTecSystems

Read More






IBSi Daily News Analysis

UAE, money transfer

May 23, 2024

UAE

By 2034, the digital remittance market is expected to reach $83.2bn, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Boodil launches innovative Travel Payments Platform

Read More

Today

LGT taps Finastra to roll out instant payments services in Europe

Read More

Today

Mastercard & Payment24 to boost EMV adoption in EEMEA’s fleet sector

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023