Is Mamo Set to Transform SME Finance with Fresh US$3.4M Boost?

Hey, have you heard about Mamo? It's this really cool fintech startup based in the UAE that's been making waves in the SME sector. They just wrapped up a successful US$3.4 million funding round, which is pretty exciting.

So, what’s Mamo all about? They’re on a mission to simplify financial management for small and medium-sized businesses. Their platform combines payment collection, corporate cards, and expense management into one easy-to-use service. This integration helps SMEs save on transaction fees and manage their finances more efficiently.

The latest funding round was led by existing investor 4DX Ventures and the Dubai Future District Fund, with Cyfr Capital also chipping in. With these new funds, Mamo plans to expand its product offerings within the UAE and start testing its services in Saudi Arabia. This means they’re looking to grow their regional presence and make their comprehensive financial services platform even better.

Imad Gharazeddine, Mamo’s co-founder and CEO, highlighted that the SME sector is huge in the UAE, making up 94 percent of all companies. He’s really proud of how the team has built a product that addresses the real needs of SMEs. The new funds will help them achieve their goals more quickly and continue growing sustainably.

Daniel Marlo from 4DX Ventures praised Mamo’s innovative approach and leadership, saying they’re committed to providing a user-friendly solution for SMEs. Amer Fatayer from the Dubai Future District Fund also pointed out that Mamo’s services fill a gap in the current banking infrastructure for SMEs.

Overall, Mamo has now raised US$13 million in total and has a team of 30 people. Their all-in-one platform is really helping SMEs streamline their financial processes and reduce costs.