Mamo raises USD 3.4 mn: Local fintech Mamo has closed a USD 3.4 mn funding round led by existing investor and Africa focused VC firm 4DX Ventures and the Dubai Future District Fund (DFDF), it said in a statement (pdf). Oman- and UAE-based venture capital firm Cyfr Capital also took part in the funding round.

Where’s the money going? Mamo will use the freshly-secured funds to fast track its regional expansion and add more services to its platform. The funds will also be used to launch product testing in Saudi Arabia, as the startup looks to expand into new regional markets.

About the company: Founded in 2016 by Asim Janjua (LinkedIn) and Imad Gharazeddine (LinkedIn), Mamo helps SMEs save on transaction fees by consolidating their financial services under one platform, offering payment collection, corporate cards, and expense management. The fintech has raised USD 13 mn to date.

What investors see in the startup: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country's current banking infrastructure. The team has taken a product-first approach to consolidating SMEs' financial journeys and building a fintech solution deeply embedded in a business's core operations,” Managing Director of DFDF’s Investment Team Amer Fatayer said.

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