The Funding will initially be utilized for the progression of the firm’s service backed offerings.
A day ago, on May 17th Dubai-based FinTech, Digitalized Wallet as well as Payments major Mamo had announced of securing $8Million within the pre-series-A funding seed round for dynamically powering their digitalized payment services as well as for the progression of its business operatives within UAE as well as Saudi Arabia-the two major economies in Middle East with the speculations of COVID-19 Pandemic spurring a huge upsurge in the Cashless transactions.
The early-stage funding round was all powered in by Global Ventures, the UAE’s Venture Capital enterprise, alongside able support garnered from the participation of New York venture capital firm 4DX Ventures, Saudi-based AlRajhi Partners, Boston based Olive Tree Capital, and Silicon Valley investors as announced by Mamo on Monday.
The Mamo Co-founder Mohammad El Saadi, stated out that; “We believe that accepting and making payments should be much simpler than it is today, for everyone. At Mamo, we want to lead and drive financial independence and inclusion across the greater MENA region. 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”
He stated out that the firm is pursuing to commence operations in Saudi Arabia, the Arab League’s major economy. The start-up was initiated by former Google staffs Asim Janjua, Imad Gharazeddine as well as Mr El Saadi.
It currently has 12 staffs from 10 diverse nations with professional backgrounds ranging from McKinsey to Careem. He also stated out that the firm will provision the revolution of the UAE and MENA nations into digital economies. Mamo strategies to utilize the new funding to hire additional staff to progress across the territory.
Mr. El Saadi also further added out that; “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.”
Mamo’s platform consents clients to direct and receive payments via their smartphone promptly without any charges. Small industries and freelancers can also utilize the platform to accept payments from clients. The firm has also procured out the principal governing approval from the Dubai Financial Services Authority to function under its Innovation Testing License.
Basil Moftah, general partner at Global Ventures, stated out that; “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 start-up is setting the tone for a thriving and innovation-driven financial ecosystem in MENA.”
According to MagNiTT, approximately $135Mn was invested within the MENA based FinTech’s the preceding year- the highest amount ever invested since 2017. Demand for digital payments and other FinTech services has enhanced as more individuals utilize online banking services to transfer finances and payments for E-commerce dealings amid the COVID-19 Pandemic.
The Preceding month, Cairo-based digital payments start-up firm the Paymob acquired $15m to boost its operations across the territory.