Mamo, a UAE-based fintech startup, announced the successful completion of a $3.4 million funding round.
The fresh capital will be used to expand the company’s product offerings and extend its market presence.
The funding round was led by an existing investor 4DX Ventures and the Dubai Future District Fund.
Cyfr Capital also participated in the funding round, said Mamo, focusing on solutions to help small and medium-sized businesses consolidate their payment collection, corporate cards and expense management needs.
The company said it has plans to further develop its comprehensive financial services platform to address the deeper finance operations needs of SMEs in the UAE.
Additionally, Mamo will use the funds to begin testing its innovative product lines in Saudi Arabia, further extending its regional footprint.
“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,” said Co-founder and CEO Imad Gharazeddine.
“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,” he said.
Gharazeddine said the support from new and existing investors alike is testament to the company’s strong expertise and ability to deliver on its customer promise.
Mamo said to date, it has raised a total of $13 million in funding.
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