With the initiative to progress across the MENA territory, the FinTech start-up elevated $1.5Million within a seed round the preceding year.
The firm is initiated via former three Google workforce-Mohammad El Saadi, Asim Januja as well as Imad Gharazeddine-the FinTech elevated to $1.5 Million within a seed round the preceding year.
Dubai-based Start-Up Mamo Pay is overviewing for shifting the way payment transfers are done. El Saadi, revealed on within an exclusive interview with Arabian Business that: “how they not only required to upsurge the speed, but also eliminate all of the disturbance, associated with banking in the MENA territory, while also providing financial admission to those that have been omitted from the conventional financial system.”
When did you come up with the concept of Mamo Pay or comprehend there was a gap in the market for the business?
Mamo Pay is created in the Middle East and was born when we apprehended that we were not keeping up with the rest of the world.
We set out to solve a real-life tricky situation and saw a prospect to change a territory and culture for the restored. We requested to find a simpler, swifter and approachable way to pay for anything. Simple happenings like paying a friend back were tough – or having cash at hand was awkward. In many cases bank transfer was the only opportunity versus other territories where individuals can settle payments utilizing their smartphone numbers.
Everything we do at Mamo Pay commences with authentic human linking and understanding our clients’ true requirements.
Our prime objective to abridge daily financial transactions in the territory by striving to make payments prompt, convenient, transparent and as low cost as possible. The future generation, specifically millennials, mandate tools and services that offer personalization and rooted utility features that would utilize daily and most notably a platform that they can rest on and trust.
We are in a time where there is an augmented demand and required for spontaneous online payment solutions and by structure those, we can create an expressive and robust relationship with our clients.
To deliver the accurate message and promise, we are in progress with building out our own tailor-made survey to research the core trends and advances in the way payment is done in the UAE. We also founded out that 87 percent of native respondents had encountered hurdles with financial transfers and 89 percent were unhappy with the prevailing solutions available to them.
Why is now it’s a perfect time to launch the Payment Services?
Even before the pandemic, the UAE and the Middle East overall were already embarking on the journey to a cashless society. The MENA Digital Payments Market is projected to witness CAGR of 6.5 percent over the forecast period 2020-2025.
If we just have an emphasis on the numbers for P2P payments, there was already an estimate to upsurge from $22 billion in 2019 to $115bn (almost five-times) by 2023 for the Middle East as an entire prospective.
Covid has assisted in form of a catalyst to this voyage as for two outcomes:
1) Growing adoption of digitalized mediums all across (social platforms as well as with the growing popularity of the E-commerce) by individuals and businesses; and
2) A cumulative preference to deal with fewer physical exchanges as possible.
Approximately interesting we have in progress observing was that individuals are now going to the subsequent level of cashless – which is completely contactless. To offer you an idea of the extent at which this has picked up – in KSA, in Mar 2019, only about 35 percent of the point-of-sale (POS) transactions were contactless, whereas it had got upsurged by more than 85 percent by March 2020, and that it’s a very comparable trend in the UAE.
Additionally, the territory is quite exceptional in the sense of relatively low levels of financial inclusion, around 30-40 percent only, while at the same time you have fairly a bit of financial infrastructure already here – from number of banks helping the market (Native as well as Global), to POS diffusion and so we are trying to bridge the gap between the banked and unbanked which turn out to be even more vital as the banked seek to go even more cashless as well as contactless.
The Existence of Mamo Pay and its Availability?
Mamo Pay digital wallet app is existing available on Android as well as IOS. We are presently accessible only in the UAE and you can utilize it to send finance to anyone within the nation. We are also occupied on some exciting progresses to our merchandize, so watch this space for more.
Is the company bootstrapped or have you raised capital from investors? Can you take us through your funding journey?
In 2020, the firm has collectively secured $1.5 million in a funding round led by Global Founders Capital (GFC) with participation from Global Ventures, VentureSouq, MSA Capital, Dubai Angel Investors (DAI), 500 Start-ups and some angel investors to rationalize peer-to-peer (P2P) payments in the UAE and the broader Middle East territory.
It was quite a gratifying experience with a focus on how we have constructed our corporate culture, our business model and how we guarantee the safety of our clients working with regulators in the territory. With the financial and strategic points in assistance for all our investors, we can further spot Mamo Pay to scale with purpose.
You have been an integral part of Visa’s Fintech Fast Track Program, how big a benefit was this to getting where you are today?
Being part of Visa’s FinTech Fast Track Program will consent us to influence a wider audience and fast-track cashless adoption in Mamo Pay’s key markets. Furthermore, by exploring as well as tapping into Visa’s mounting partner network, we can accomplish instant scalability and distribute an intuitive, fast and effortless payments service to users and businesses across the territory while promoting from the competences and security of VisaNet, Visa’s global payment network.
Through this strategic association, our team has admission to industry experts, technology, and new resources that swiftly aid in rising businesses require to scale with efficiency in line with our visualization to promote financial inclusion in the MENA territory.
Where would you like to view the firm in the subsequent five years?
At the heart of every verdict, we make at Mamo Pay, whether in our designs, merchandize, software, or relationships, is trusted. Every day, we strive hard to earn and retain the confidence of our workforces, our clients, our partners and our regulators. So, in short, we would like to be adjudged as the most reliable FinTech firm in the territory in the subsequent five years.
Expansion is unquestionably part of the plan so we are able to be at the lead of the payment’s scene in the broader MENA territory via the partnerships and alliances.