A Dubai-based fintech start-up has secured the backing of investors, including the investment firm owned by shareholders behind the world’s largest Islamic banking group, and will be using the pre-Series A funding to support its growth in Saudi Arabia and the UAE.
Mamo, a digital wallet and payment platform, raised US$8 million in its latest pre-Series A funding round, led by Global Ventures. AlRajhi Partners of the prominent Saudi AlRajhi family, 4DX Ventures and Olive Tree Capital participated in the round 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. I am thrilled to bring our human-first and customer-centric approach to residents and businesses alike in the UAE, while we prepare for our launch in the Kingdom of Saudi Arabia,” shared Mohammad El Saadi, who co-founded Mamo along with Asim Janjua and Iman Gharazeddine. The trio were previously attached to Google.
The funding will be channeled toward developing Mamo’s range of services and enhancing its recently launched product, Mamo Business. The start-up also plans to utilize the investment to support its expansion into the UAE and Saudi Arabia by growing its team, which is currently 12-strong. 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. 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.