UAE –  Fintech Mamo has raised a $3.40 million funding round, provided by existing investor 4DX Ventures and the Dubai Future District Fund, along with Cyfr Capital.

The startup will use the funding to help SMEs businesses consolidate their payment collection, corporate cards and expense management needs, according to a press release.

Additional funds will enable Mamo to widen its product offerings and expand its market presence.

The company plans to develop its comprehensive financial services platform to meet SMEs' deeper finance operations needs in the UAE.

In line with its regional expansion strategy, Mamo will also use the funds to begin testing its innovative product lines in Saudi Arabia.

Imad Gharazeddine, Co-Founder and CEO of Mamo, highlighted: “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,” Gharazeddine added.

To date, Mamo has raised a total of $13 million in funding, with the team standing at 30 people.

All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (Syndigate.info).