Mamo Secures $3.4M to Expand Fintech Solutions for UAE’s SMEs

Mamo, a UAE-based fintech startup dedicated to aiding small and medium-sized enterprises (SMEs) with their payment collection, corporate cards, and expense management needs, has successfully raised $3.4 million in its latest funding round. The infusion of capital will be used to enhance Mamo’s product suite and bolster its market presence.

The funding round saw contributions from existing investor 4DX Ventures and the Dubai Future District Fund, alongside Cyfr Capital.

The new capital will be channeled towards expanding Mamo’s offerings within the UAE and supporting regional growth. Mamo plans to further develop its financial services platform to meet the comprehensive financial needs of SMEs in the UAE and begin testing its innovative products in Saudi Arabia.

“The SME sector accounts for 94% of companies in the UAE. Mamo was founded to simplify payments for SMEs and equip them with tools to thrive,” said Imad Gharazeddine, co-founder and CEO of Mamo. “We are proud of our team’s achievements and our product’s growth. This funding will accelerate our goals, and the support from our investors reflects our expertise and commitment to our customers.”

Daniel Marlo, General Partner at 4DX Ventures, expressed confidence in Mamo’s vision and leadership: “We trust Imad’s leadership and Mamo’s innovative approach to providing SMEs with accessible and efficient financial solutions. We are proud to support their mission.”

Amer Fatayer, Managing Director at DFDF, highlighted Mamo’s impact: “Mamo’s localized products address the underserved SME segment in the UAE’s banking infrastructure. Their product-first approach integrates seamlessly with SMEs’ financial journeys.”

To date, Mamo has raised $13 million and employs a team of 30. Their platform consolidates payment collection, corporate cards, and expense management, helping SMEs reduce transaction fees and streamline operations.