Mamo, a UAE-based fintech startup, has successfully raised $3.4 million in its latest funding round. Mamo will use the fresh capital to expand its product offerings and extend its market presence, particularly targeting the small and medium-sized enterprises (SMEs) sector.
Key Details:
- Funding Round Leaders: The funding round was led by existing investor 4DX Ventures and the Dubai Future District Fund.
- Additional Investors: Cyfr Capital also participated in the funding round.
- Total Funding: To date, Mamo has raised a total of $13 million.
Company Vision and Expansion Plans:
- Product Expansion: Mamo plans to utilize the new funds to develop its comprehensive financial services platform, addressing the deeper finance operations needs of SMEs in the UAE.
- Regional Footprint: The company aims to begin testing its innovative product lines in Saudi Arabia, further extending its regional presence.
Quotes from Leadership:
- 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. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster.”
“The support from new and existing investors alike is testament to the company’s strong expertise and ability to deliver on its customer promise.”