Dubai-based fintech Mamo raises $8 mln pre-series A funding

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A Dubai-based digital payment app founded by three former Google employees has raised $8 million in funding.

Mamo’s latest pre-series A funding round was led by Dubai’s Global Ventures and involved “prominent Silicon Valley investors” among others, according to a statement from the company.

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Funding will be used to expand in both the United Arab Emirates and Saudi markets, and for strategic hires, Mamo said.

The startup was co-founded by Asim Janjua, Imad Gharazeddine and Mohammad El Saadi, three former Google employees. There are now 12 people in the Mamo team.

The app allows users to send money to other users quickly, without having to go through lengthy registration processes or use IBAN numbers.

It currently operates in the UAE and plans are underway for a Saudi launch.

Mamo recently launched Mamo Business for freelancers and small businesses to receive online payments.

The company has secured principal regulatory approval from the Dubai Financial Services Authority to operate under its Innovation Testing License.

Mamo was founded in 2019 and is part of a wider landscape of fintech companies in the UAE’s burgeoning technology sector.

Others in the field include Abu Dhabi’s PayBy, which recently struck a deal with the emirate’s transport authority to offer cashless payments in taxis, and Dubai-based Ziima, which in January announced it had joined the Y-Combinator business accelerator program that funded companies such as Airbnb and Dropbox.

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