So far, the Fintech company has secured a total funding of $13 million and has a team consisting of 30 people.

Mamo, a fintech startup based in the United Arab Emirates, that aims to fulfill the mission of helping small and medium-sized enterprises merge their payment collection, expense management requirements, and corporate cards, has made an announcement of the successful closing of a $3.4 million investment round. The freshly raised additional funds will help the company increase its product reach and expand its presence in the current market.

The latest funding round was backed by Dubai Future District Fund or DFDF and 4DX Ventures. It has also seen participation from Cyfr Capital.

The additional raised funds will be granted for expanding Mamo’s product offering across the United Arab Emirates and support its expansion plan within the region. The company also has further plans to transform its panoramic platform offering various financial services to address the intense financial operation needs of the small and medium-sized enterprises in the UAE market. In addition, Mamo will also use the fund to start the testing process of the innovative product ranges in the Kingdom of Saudi Arabia, and further expand its footprint across the MENA region.

“The SME sector accounts for 94% of the total number of companies operating in the UAE, according to the Ministry of Economy. 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. We’ve been in the market for a while now, and are incredibly proud of what our team has achieved. 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 a testament to our strong expertise and the ability to deliver on our customer promise,” commented Imad Gharazeddine, the Co-founder and CEO of Mamo.

The General Partner of 4DX Ventures, Daniel Marlo further said that 4DX Venture has immense belief in  Imad Gharazeddine’s vision and leadership quality and the exclusive approach of this company to provide comprehensive and user-friendly financial solutions for SMEs, which makes financial services more accessible and effective. He also said that the entire management of 4DX Venture is extremely proud to biome a partner with Mamo, and support them in their journey.

Amer Fatayer, the Managing Director of the Investment Team in Dubai Future District Fund or DFDF, said, “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.”

So far, Mamo has secured a total funding of $13 million and owns a team of 30 people. The current financial services offered by Mamo include corporate cards, payment collection, and cost management, all organised under one intuitive and significant financial service platform. The unification of all financial services has become a major part of helping businesses save on transaction fees.