The company is planning expansion across the GCC, including Saudi Arabia and Bahrain
UAE-based FinTech payments company Monami Tech has successfully closed seed funding of $1 million, the first tranche of a Series A round, which is expected to raise over $3 million over the next 90 days.
The leader investor is PGH Holdings, an investment vehicle led by Cayan founder and CEO Henry Helgeson. Other members of PGH include Cayan CTO Paul Viennau and chief revenue officer Greg Cohen.
Monami is expected to use the investment to ramp up sales and marketing efforts in the Middle East as part of is wider expansion plans.
“We are delighted to have closed our seed round with US-based investors who are the leading payment experts in their respective fields and strategic partners who will play a key role in helping Monami Tech achieve its strategic objectives,” said Ammar Afif, founder and managing director of Monami Tech.
As part of the investment deal, Paul Vienneau will take a board seat on behalf of PGH.
“The last year was spent primarily in investing in product development and building our management team, including opening up a development centre in Bangalore, India,” Afif added.
“This latest investment boost in our operations, combined with the revenue growth the company is experiencing, will take Monami Tech one step closer to profitability by fast tracking our expansion plans.”
Afif noted that the company hopes to expand its sales team and focus on product development and user experience improvements as it launches new segments for instant lending, and examines new verticals such as health care and automotive.
“As the instant lending market is nascent, we realise that the opportunity is huge,” he added.
Monami Tech is also planning to further expand in the GCC, including Saudi Arabia and Bahrain in the near future, the company said in a statement.