Dubai, UAE – July 25, 2024– Mamo, a pioneering fintech startup based in the United Arab Emirates, has successfully completed a $3.4 million funding round. This round was led by existing investor 4DX Ventures and the Dubai Future District Fund (DFDF), with participation from Cyfr Capital. The newly secured funds will fuel Mamo’s mission to streamline payment collection, corporate cards, and expense management for small and medium-sized enterprises (SMEs) across the region.
The funding will enable Mamo to enhance its product offerings within the UAE and support its regional expansion plans. The company aims to further develop its comprehensive financial services platform to meet the evolving needs of SMEs. Additionally, Mamo plans to test its innovative product lines in the Kingdom of Saudi Arabia, broadening its market footprint.
Imad Gharazeddine, co-founder and CEO of Mamo, highlighted the significance of the SME sector in the UAE, noting that it accounts for 94% of the total number of companies in the country, according to the Ministry of Economy. “Mamo was founded with a vision to simplify payments for SMEs and provide them with the essential tools to thrive in today’s competitive market,” said Gharazeddine. “We are incredibly proud of our team’s achievements and the sustainable growth we’ve experienced. This additional funding will accelerate our progress towards our medium-term goals. The support from both new and existing investors underscores our strong expertise and commitment to delivering on our customer promise.”
Daniel Marlo, General Partner at 4DX Ventures, expressed confidence in Mamo’s leadership and innovative approach. “We have immense trust in Imad’s vision and Mamo’s ability to provide a user-friendly, comprehensive financial solution for SMEs,” Marlo commented. “Their platform makes financial management more accessible and efficient, and we are proud to support their mission.”
Amer Fatayer, Managing Director – Investment Team at DFDF, emphasized the importance of Mamo’s localized product lines in addressing the needs of SMEs. “Mamo’s offerings serve as a crucial infrastructure for SME payments and spend management in the UAE, a segment underserved by the current banking infrastructure,” Fatayer stated. “The team’s product-first approach consolidates SMEs’ financial journeys, creating a fintech solution deeply embedded in a business’s core operations.”
To date, Mamo has raised a total of $13 million in funding and has a team of 30 dedicated professionals. The company’s current product suite includes payment collection, corporate cards, and expense management, all integrated into a user-friendly platform. This consolidation of financial services has been instrumental in helping SMEs reduce transaction fees and streamline their operations.
