Fintech startup Mamo has successfully raised $3.4 million in its latest funding round. The investment came from existing backers 4DX Ventures and the Dubai Future District Fund, alongside new investor Cyfr Capital.
The newly acquired funds will be directed towards enhancing Mamo’s services for small and medium-sized enterprises (SMEs). The company aims to consolidate its offerings in payment collection, corporate cards, and expense management.
Mamo plans to leverage this investment to expand its product range and strengthen its market presence. Part of the funding will be allocated to the development of a comprehensive financial services platform designed to address the more complex financial needs of SMEs in the UAE.
Additionally, Mamo is set to embark on a regional expansion, with plans to test its innovative product lines in Saudi Arabia as part of its growth strategy.
Imad Gharazeddine, Co-Founder and CEO of Mamo, noted the significance of SMEs in the UAE economy, stating, “The SME sector accounts for 94% of the total number of companies operating in the UAE, according to the Ministry of Economy.”
Gharazeddine emphasized Mamo’s mission: “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.”
Since its inception, Mamo has raised a total of $13 million in funding. The company currently employs a team of 30 individuals.
