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.
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, wehich currently employs 12 people, say the fresh funding will be used to grow the Mamo Business product and to recruit new hires to support expansion in the UAE and Saudi market.