– Fintech Mamo has raised $3.4 million in a funding round led by 4DX Ventures, the Dubai Future District Fund, and Cyfr Capital to support SMEs in streamlining payment collection, corporate cards, and expense management.

– The investment will allow Mamo to expand its product offerings, enhance market presence in the UAE, and begin testing innovative product lines in Saudi Arabia as part of its regional expansion strategy.

– To date, Mamo has raised a total of $13 million in funding, with a team of 30 people, and aims to develop its comprehensive financial services platform to meet the deeper finance operations needs of SMEs in the UAE.

Fintech Mamo has secured $3.4 million in a funding round led by existing investor 4DX Ventures, the Dubai Future District Fund, and Cyfr Capital.

The funds will be used to help SMEs streamline their payment collection, corporate cards, and expense management needs, as per a press release. This investment will also allow Mamo to broaden its product offerings and enhance its market presence.

Mamo plans to develop its financial services platform further to address the comprehensive finance operations needs of SMEs in the UAE. Additionally, the company will use the funds to test its innovative product lines in Saudi Arabia as part of its regional expansion strategy.

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.

Mamo has raised a total of $13 million in funding, with a team of 30 people.