Dubai-based Fintech Mamo Pay Secures $1.5 Million in Funding to Launch Peer to Peer Funds App

Dubai-based Mamo Pay, a Fintech agency established by former Google workers, has secured  $1.5 million in capital, as a way to streamline peer to look (P2P) funds within the United Arab Emirates and wider Center East area.

As reported by Mena Bytes, Mamo Pay’s seed funding spherical was led by International Founders Capital, a multinational enterprise capital agency with 15 enterprise workplaces throughout the globe.

International Ventures, VentureSouq, MSA Capital, Dubai Angel Traders, 500 Startups, and several other different traders additionally made contributions.

Established by three former Google professionals (Mohammad El Saadi, Asim Janjua, and Imad Gharazeddine), Mamo Pay is growing a P2P funds app that can enable clients to ship cash to mates, relations, and companies with just a few straightforward clicks. The app is not going to cost transaction charges.

Mamo Pay’s administration is working cooperatively with regulatory authorities and enterprise companions as a way to launch the agency’s app.

Based on the Fintech firm, its app focuses on offering utility whereas having a easy design. It lets clients securely ship funds with out requiring IBAN as transactions could also be carried out utilizing a cellphone quantity or customers’ e mail addresses.

Mohammad El Saadi, co-founder and CEO at Mamo Pay, acknowledged:

“Mamo Pay not solely [aims to] improve pace however [also tries to] take away all the trouble related to banking within the MENA area. In our survey, we discovered that 87% of regional respondents had challenges with cash transfers and 89% had been sad with the present options accessible to them.”

He additional famous:

“Our imaginative and prescient is for Mamo Pay to simplify all the pieces from sending cash shortly, to splitting a invoice at a restaurant, to dashing up funds for SMEs and entrepreneurs.”

Imad Gharazeddine, co-founder and CTO at Mamo Pay, acknowledged:

“We constructed [Mamo Pay] to carry monetary consciousness, schooling, and maturity to the MENA area.” 

The corporate goals to assist shoppers make knowledgeable monetary choices, and enhance their spending habits, Gharazeddine stated.

Asma Alyamani, a former product lead at ride-hailing app Careem, has additionally joined Mamo Pay.

Alyamani remarked:

“Low-income staff within the area typically have two choices: getting paid in money, which is inefficient and doubtlessly insecure or counting on an change firm to distribute their wage on their behalf, which is dear. Mamo Pay [aims to] eradicate this drawback for the area’s low-income group.”

Mamo Pay is presently being examined on Android, The corporate plans to launch the app later this 12 months. Help for iOS and web-based variations may also be supplied.