Mamo Raises $3.4M To Revolutionise Financial Services For SMEs

Mamo, a fintech startup based in the UAE, has successfully raised $3.4 million in a recent funding round. The funds will be used to enhance its product offerings and expand its market presence. The funding round saw participation from existing investor 4DX Ventures and the Dubai Future District Fund. Cyfr Capital also contributed to the investment.

Expansion Plans in the UAE and Beyond

With the new capital, Mamo plans to broaden its product range within the UAE and support regional growth. The company aims to further develop its financial services platform to meet the complex needs of SMEs in the UAE.

Additionally, Mamo intends to use part of the funds to test its innovative products in Saudi Arabia, thereby extending its regional footprint.

Focus on SME Sector

"The SME sector accounts for 94% of the total number of companies operating in the UAE, according to the Ministry of Economy," said Imad Gharazeddine, co-founder and CEO of Mamo. "Mamo was founded with a vision to make payments simple for SMEs and empower them with the tools needed to succeed in today's competitive market."

Gharazeddine expressed pride in what his team has achieved so far. "We've been in the market for a while now, and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably," he said.

Investor Confidence

The support from both new and existing investors highlights Mamo's strong expertise and ability to deliver on its promises. "This additional funding will allow us to reach our medium-term goals even faster," Gharazeddine added.

Mamo's mission is to help small and medium-sized businesses consolidate their payment collection, corporate cards, and expense management needs. This latest funding round is a significant step towards achieving that goal.

The company is committed to providing comprehensive financial solutions that address deeper finance operations needs for SMEs in the region. By expanding its services, Mamo aims to empower more businesses with efficient payment solutions.