Global Ventures backs payments startup Mamo in $8m funding round
Mamo, a Dubai-based digital wallet and payments venture, has raised $8 million in a pre-Series A funding round.
This was led by Global Ventures, and also included the likes of 4DX Ventures, AlRajhi Partners, and Olive Tree Capital.
The funding will be used to develop Mamo’s service offerings, and enhance its Mamo Business product, along with expansion in the UAE and Saudi market, and new hires.
Its platform allows users to send and receive payments through their smartphone.
The recently launched Mamo Business service enables freelancers and small businesses to receive online payments from their customers, without gateway and merchant integrations.
Whilst Mamo Card – to be launched later this year - will let customers pay for products online.
The startup, which has now raised $9.5 million in total. was co-founded by Asim Janjua, Imad Gharazeddine and Mohammad El Saadi, three former Google employees.
El Saadi says: “We believe that accepting and making payments should be much simpler than it is today, for everyone. We will support the UAE and MENA in its transition to a digital economy.”
He adds: “At the core of it, money is a medium of social exchange and we are building the fabric to connect every member of this society together from the well-banked to the unbanked - from small business owners to freelancers and beyond.”
“I’m thrilled to bring our human first and customer centric approach to residents and businesses alike in the UAE, while we prepare for our launch in the Kingdom of Saudi Arabia.”
Basil Moftah, General Partner at Global Ventures, says: “The regional FinTech space is booming because of innovators like Mamo who are empowering customers and businesses alike, by revolutionising the ways they traditionally deliver and consume financial services.”
“The startup is setting the tone for a thriving and innovation driven financial ecosystem in MENA.”
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