Dubai: Dubai-based fintech Mamo has secured $8 million in new funds, including from Saudi Arabia’s AlRajhi Partners. Others to join in the pre Series A funding include Global Ventures, 4DX Ventures, Olive Tree Capital and some Silicon Valley based investors.
Mamo’s fintech solutions allow sending and receiving payments via the smartphone – and free of charge. The Mamo ‘digital wallet’ targets small businesses and freelancers.
Mamo was co-founded by Asim Janjua, Imad Gharazeddine and Mohammad El Saadi, three former Google employees.
The ‘Mamo Business’ solution allows freelancers and small businesses to receive online payments from customers without the “burden of expensive and complex gateway and merchant integrations”. Registration takes a day, which is an “enormous improvement over the industry standard of two to three months”.
“We believe that accepting and making payments should be much simpler than it is today, for everyone,” said Mohammad El Saadi, co-founder at Mamo, which has received the principal regulatory approval from Dubai Financial Services Authority to operate under its ‘Innovation Testing License’ scheme..
The funding will be used initially on developing the service offerings, and enhancing the recently launched Mamo Business product. It will also come in handy as it pushes for exposure in the Saudi market. “We want to lead and drive financial independence and inclusion across the greater MENA region,” said El Saadi. “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.”