UAE’s Mamo Secures $3.4 Million to Boost Fintech Solutions
This round saw contributions from existing investor 4DX Ventures, the Dubai Future District Fund, and Cyfr Capital.
Dubai-based fintech Mamo has raised $3.4 million in a recent funding round. This round saw contributions from existing investor 4DX Ventures, the Dubai Future District Fund (DFDD), and Cyfr Capital.[1]
The new capital will be used to enhance Mamo’s product offerings within the UAE and support its regional expansion plans. The company aims to further develop its financial services platform to meet the finance operations needs of SMEs. Additionally, Mamo plans to test its product lines in Saudi Arabia.
Since its founding in 2019 by Asim Janjua, Imad Gharazeddine, and Mohammad El Saadi, Mamo has raised a total of $13 million and grown its team to 30 members. The startup’s current offerings, which include payment collection, corporate cards, and expense management, help SMEs save on transaction fees and simplify their financial operations.
In December 2023, Mamo raised undisclosed funds from the DFDD.