Dubai digital-wallet startup Mamo secures $8m; Saudi firm AlRajhi among new investors

Dubai: Dubai-based fintech Mamo has secured $8 million in new funds, including from Saudi Arabia’s AlRajhi Partners. Others to join in the pre Series A funding include Global Ventures, 4DX Ventures, Olive Tree Capital and some Silicon Valley based investors.

Mamo’s fintech solutions allow sending and receiving payments via the smartphone – and free of charge. The Mamo ‘digital wallet’ targets small businesses and freelancers.

“We believe that accepting and making payments should be much simpler than it is today, for everyone,” said Mohammad El Saadi, co-founder at Mamo, which has received the principal regulatory approval from Dubai Financial Services Authority to operate under its ‘Innovation Testing License’ scheme..

The funding will be used initially on developing the service offerings, and enhancing the recently launched Mamo Business product. It will also come in handy as it pushes for exposure in the Saudi market. "We want to lead and drive financial independence and inclusion across the greater MENA region," said El Saadi. "At the core of it, money is a medium of social exchange and we are building the fabric to connect every member of this society together from the well-banked to the unbanked - from small business owners to freelancers and beyond."