Mamo Pay, which simplifies the process of sending and receiving payments, has reportedly collected $8m in its pre-Series A funding round.
Global Ventures acted ad the lead investor, with commitments also coming from 4DX Ventures, AlRajhi Partners and Olive Tree Capital, according to a report from Retail Technology Hub.
With the support of the capital, the company hopes to deepen its service offering, enhance its product and hire more staff. Additionally, the FinTech, which is based in Dubai, hopes to expand in UAE and Saudi Arabia.
Mamo Pay is a mobile-based instant payments platform, empowering users to quickly send and receive money. Some of its features include the ability to send money with a personalised message, split bills with friends, transfer money from bank accounts and easily pay people.
The company is allegedly gearing up to launch Mamo Card, which will give users the ability to pay for products online.
Mamo Pay co-founder Mohammad El Saadi adds: “At the core of it, money is a medium of social exchange and we are building the fabric to connect every member of this society together from the well-banked to the unbanked – from small business owners to freelancers and beyond.”
The FinTech has reportedly raised a total of $9.5m in funding to date.
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