Mamo offers a financial-services platform that bundles payment collection, corporate cards, and expense management for small and medium-sized businesses. The company is led by CEO Imad Gharazeddine and is based in Dubai, UAE. In 2022 Mamo became the first fintech startup licensed by the DFSA with a Category 3C Providing Money Services license. The startup plans to use the new funding to further develop its comprehensive platform and begin testing product lines in the Kingdom of Saudi Arabia. To date Mamo has raised a total of $13 million and the team stands at 30 people. The company intends to extend its regional footprint across the MENA region. Mamo provides a mobile-first digital wallet and payments platform that lets users send and receive funds instantly, securely, and free of charge. Its recently launched Mamo Business product enables freelancers and small businesses to accept digital payments without complex gateway or merchant integrations, with one-day registration versus industry-standard months. The company plans to use new funding to develop its product line, increase client utility, and expand operations into the UAE and Saudi Arabia. Mamo will also hire additional staff to support expansion; the company currently has 12 employees from 10 nationalities and advisors including the former GM of Venmo. The co-founders are Asim Janjua, Imad Gharazeddine and Mohammad El Saadi, all ex-Google. Mamo has joined Visa’s Fast Track Program and secured principal regulatory approval from the Dubai Financial Services Authority to operate under its Innovation Testing License.

Total raised

$11M

Funding rounds

2

Latest round

Equity

Latest activity

Jul 2024