Dubai Fintech Mamo Secures $8M by way of Pre-Collection A Spherical, Will Develop Operations into UAE, Saudi Arabia

Dubai-headquartered Fintech agency Mamo has reportedly secured $eight million via a pre-Collection A funding spherical.

Mamo presents a digital pockets and funds platform and has beforehand raised $1.5 million in an effort to launch a peer to look funds app.

As talked about in a launch shared with Crowdfund Insider, Mamo’s newest funding spherical was led by International Ventures, together with contributions from 4DX Ventures, AlRajhi Companions, Olive Tree Capital, and Fintech-focused Silicon Valley traders as effectively.

The funds raised shall be used to develop Mamo’s line of services, and in addition to extend the utility for its shoppers. The corporate stated it plans to additional broaden enterprise operations within the United Arab Emirates (UAE) and Saudi Arabia as effectively. Mamo may also be hiring extra gifted professionals to assist its enlargement efforts.

Mamo’s customer-focused Fintech platform lets customers ship and obtain funds by way of their cell phones immediately, securely and in addition freed from price.

Mamo says it prides itself on providing an excellent person expertise. The Fintech agency’s just lately launched service, Mamo Enterprise lets freelance staff and small companies settle for digital funds from their shoppers, with out having to take care of expensive and sophisticated gateway and service provider integrations.

As defined within the announcement:

“Registration on the platform usually takes a single day, which is a gigantic enchancment over the business normal of two to 3 months – a life line for small companies given the present international scenario.”

Mamo has been co-founded by Asim Janjua, Imad Gharazeddine and Mohammad El Saadi, three ex- Google staff with expertise in product design, engineering, advertising, operations and enterprise improvement.

Mamo at present has 12 workers on its payroll from 10 totally different nationalities “with skilled backgrounds from McKinsey and Careem.  A few of their advisors embrace the previous GM of Paypal-owned Venmo, Amit Jhawar,” the discharge famous.

The announcement additionally talked about:

“Along with becoming a member of Visa’s Quick Observe Program, the corporate has additionally secured principal regulatory approval from the Dubai Monetary Companies Authority to function beneath its Innovation Testing License.”

Mohammad El Saadi, co-founder at Mamo, remarked:

“This fundraising is a testomony to Mamo’s efficiency within the area and displays our ambition to be the chief throughout the funds house. We consider that accepting and making funds needs to be a lot easier than it’s right this moment, for everybody. Via Mamo, we are going to assist the UAE and MENA in its transition to a digital economic system.”

Mohammad added:

“At Mamo, we need to lead and drive monetary independence and inclusion throughout the higher MENA area. On the core of it, cash is a medium of social change and we’re constructing the material to attach each member of this society collectively from the well-banked to the unbanked – from small enterprise homeowners to freelancers and past. I’m thrilled to deliver our human-first and customer-centric method to residents and companies alike within the UAE, whereas we put together for our launch within the Kingdom of Saudi Arabia.”

Basil Moftah, Normal Companion at International Ventures, said:

“It’s thrilling to see Mamo’s development and much more so, to be part of their journey. The regional Fintech house is booming due to innovators like Mamo who’re empowering clients and companies alike, by revolutionizing the methods they historically ship and devour monetary companies. The beginning-up is setting the tone for a thriving and innovation-driven monetary ecosystem in MENA.”