Dubai's Mamo secures licence to operate from DIFC as demand for digital payments surges thenationalnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenationalnews.com Daily Mail and Mail on Sunday newspapers.
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Dubai FinTech company Mamo secured $8 million in new funding to boost its digital payment services and expand its operations in the UAE and Saudi Arabia as the coronavirus pandemic spurs a surge in cashless transactions.
The early stage funding round was led by Global Ventures, the UAE venture capital firm, Mamo said on Monday. Other backers include New York venture capital firm 4DX Ventures, Saudi-based AlRajhi Partners, Boston s Olive Tree Capital and investors from Silicon Valley.
“We believe that accepting and making payments should be much simpler than it is today, for everyone,” said Mamo co-founder Mohammad El Saadi.