Dubai-based P2P Payments Fintech Mamo Raises $8 Million

Mamo, a Dubai-based digital wallet and payment platform set up by three former Google engineers, has raised $8 million in a Pre-Series A funding round.

The round was led by Global Ventures, along with the participation of 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Fintech-focused Silicon Valley investors.

Mamo's digital wallet and payments platform majors on peer-to-peer payments, enabling its users to send and receive payments from anyone in the UAE with a few taps on a smartphone and zero fees.

In addition to joining Visa's Fast Track Program, the company has also secured principal regulatory approval from the Dubai Financial Services Authority to operate under its Innovation Testing License.

The company recently launched Mamo Business for freelancers and small businesses to receive online payments from their customers, avoiding complex gateway and merchant integrations.

The firm, which currently employs 12 people, says the fresh funding will be used to grow the Mamo Business product and recruit new hires to support expansion in the UAE and Saudi markets.

Finextra