A Dubai-based fintech start-up will support its growth in Saudi Arabia and the UAE after it has secured investors’ support, including the investment firm owned by shareholders behind the world’s largest Islamic banking group.
The digital wallet and payment platform Mamo raised US$8 million in its latest pre-Series A funding round, led by Global Ventures, in which also participated AlRajhi Partners, 4DX Ventures and Olive Tree Capital along with several Silicon Valley investors.
“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,” says Mohammad El Saadi, who co-founded Mamo along with Asim Janjua and Iman Gharazeddine.
The trio was previously attached to Google. The team is being advised by Amit Jhawar, the former general manager of Venmo; and Gaurav Dhar, the manager of e-payment solutions provider Marshal.
The allocated funding will be used for developing Mamo’s range of services and enhancing its recently launched Mamo Business along with company’s expansion into the UAE and Saudi Arabia.
Mamo has secured an Innovation Testing License from the Dubai Financial Services Authority to operate in the UAE and joined Visa’s Fast Track Program.
Source IFN Fintech