{"id":94225,"date":"2024-07-26T00:00:00","date_gmt":"2024-07-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/local-fintech-player-mamo-secures-usd-3-4-mn-in-funding\/"},"modified":"2024-07-26T00:00:00","modified_gmt":"2024-07-26T00:00:00","slug":"local-fintech-player-mamo-secures-usd-3-4-mn-in-funding","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/07\/26\/local-fintech-player-mamo-secures-usd-3-4-mn-in-funding\/","title":{"rendered":"Local fintech player Mamo secures USD 3.4 mn in funding"},"content":{"rendered":"

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

Where\u2019s the money going? <\/strong>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.<\/span><\/p>\n

About the company: <\/strong>Founded in 2016 by Asim Janjua (LinkedIn<\/a>) and Imad Gharazeddine (LinkedIn<\/a>), 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.<\/p>\n

What investors see in the startup: <\/strong>\u201cMamo\u2019s 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,\u201d Managing Director of DFDF\u2019s Investment Team Amer Fatayer said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company will use the funds to accelerate its expansion plans<\/p>\n","protected":false},"author":1,"featured_media":94226,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1548],"tags":[7,79,78,147],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-94225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-enterpriseam-uae","tag-fintech","tag-startup-watch","tag-startups","wpautop","entry"],"acf":{"mongo_id":"aa71397f-77a8-41fc-afb4-ae3f8f0683e4","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/2078.jpg","photo_position":"above","homepage_title":"","full_issue_title":"UAE fintech startup Mamo secures USD 3.4 mn funding","related_issue":[94213],"teaser":"The company will use the funds to accelerate its expansion plans","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.0d551793-3204-489e-a50c-af1101fed5a6.mp3"},"yoast_head":"\nLocal fintech player Mamo secures USD 3.4 mn in funding - UAE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/uae\/2024\/07\/26\/local-fintech-player-mamo-secures-usd-3-4-mn-in-funding\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Local fintech player Mamo secures USD 3.4 mn in funding\" \/>\n<meta property=\"og:description\" content=\"The company will use the funds to accelerate its expansion plans\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/uae\/2024\/07\/26\/local-fintech-player-mamo-secures-usd-3-4-mn-in-funding\/\" \/>\n<meta property=\"og:site_name\" content=\"UAE\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-26T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/2078.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/07\/26\/local-fintech-player-mamo-secures-usd-3-4-mn-in-funding\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/07\/26\/local-fintech-player-mamo-secures-usd-3-4-mn-in-funding\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Local fintech player Mamo secures USD 3.4 mn in funding\",\"datePublished\":\"2024-07-26T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/07\/26\/local-fintech-player-mamo-secures-usd-3-4-mn-in-funding\/\"},\"wordCount\":223,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/07\/26\/local-fintech-player-mamo-secures-usd-3-4-mn-in-funding\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/2078.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM UAE\",\"fintech\",\"STARTUP WATCH\",\"startups\"],\"articleSection\":[\"STARTUP WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/07\/26\/local-fintech-player-mamo-secures-usd-3-4-mn-in-funding\/\",\"url\":\"https:\/\/enterpriseam.com\/uae\/2024\/07\/26\/local-fintech-player-mamo-secures-usd-3-4-mn-in-funding\/\",\"name\":\"Local fintech player Mamo secures USD 3.4 mn in funding - 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