Mamo Secures $3.4 Million to Enhance Financial Services for SMEs in the UAE and Beyond
Mamo, a UAE-based fintech startup dedicated to streamlining payment collection, corporate cards, and expense management for small and medium-sized businesses (SMEs), has successfully secured $3.4 million in a recent funding round. The investment, led by existing investor 4DX Ventures and the Dubai Future District Fund, with additional participation from Cyfr Capital, aims to bolster Mamo's product offerings and facilitate its market expansion.
The newly acquired funds will be used to enhance Mamo’s comprehensive financial services platform within the UAE and support the company's planned regional expansion, including the testing of innovative product lines in the Kingdom of Saudi Arabia.
Imad Gharazeddine, co-founder and CEO of Mamo, highlighted the importance of the SME sector, which constitutes 94% of the total number of companies operating in the UAE according to the Ministry of Economy. He stated, “Mamo was founded with a vision to simplify payments for SMEs and equip them with the necessary tools to thrive in today's competitive market. We are 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.”
Daniel Marlo, General Partner at 4DX Ventures, expressed confidence in Mamo’s leadership and vision, praising the startup's innovative approach to making financial management more accessible and efficient for SMEs. Amer Fatayer, Managing Director – Investment Team at DFDF, emphasized Mamo’s role in addressing the needs of SMEs underserved by the current banking infrastructure in the UAE, commending the startup's product-first approach in consolidating SMEs' financial processes.
Since its inception, Mamo has raised a total of $13 million in funding and has grown its team to 30 members. The company's current offerings, which include payment collection, corporate cards, and expense management, are integrated into a unified financial services platform, helping SMEs reduce transaction fees and streamline their financial operations.
