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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.
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.
Google connections 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 .
Dubai Fintech Mamo Raises $8 Million in Pre-Series Investment
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