Mamo, a UAE-based fintech startup, introduced the profitable completion of a $3.4 million funding spherical.
The recent capital will probably be used to broaden the corporate’s product choices and prolong its market presence.
The funding spherical was led by an current investor 4DX Ventures and the Dubai Future District Fund.
Cyfr Capital additionally participated within the funding spherical, stated Mamo, specializing in options to assist small and medium-sized companies consolidate their fee assortment, company playing cards and expense administration wants.
The corporate stated it has plans to additional develop its complete monetary providers platform to handle the deeper finance operations wants of SMEs within the UAE.
Moreover, Mamo will use the funds to start testing its progressive product traces in Saudi Arabia, additional extending its regional footprint.
“Mamo was based with a imaginative and prescient to make funds easy for SMEs and empower them with the instruments wanted to achieve right this moment’s aggressive market,” stated Co-founder and CEO Imad Gharazeddine.
“The holistic and expansive nature of our product providing has helped us proceed to develop sustainably. This extra funding will enable us to achieve our medium-term targets even quicker,” he stated.
Gharazeddine stated the help from new and current traders alike is testomony to the corporate’s robust experience and skill to ship on its buyer promise.
Mamo stated to this point, it has raised a complete of $13 million in funding.
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