Dubai-based fintech Mamo Pay has raised $1.5 million in a seed funding round led by Global Founders Capital (a global VC with 15 offices across the world) with the participation of Global Ventures, VentureSouq, MSA Capital, Dubai Angel Investors, 500 Startups, and some angel investors, the startup told MENAbytes today.
Founded by three former Google employees; Mohammad El Saadi, Asim Janjua, and Imad Gharazeddine, Mamo Pay is building a peer-to-peer payments app that will enable users to make/transfer payments to family, friends, and businesses with a few taps and zero fees.
The startup is working with regulators and partners to launch its app that focuses on simplicity and utility. It will allow users to securely transfer money without the need of IBAN as transfers can be completed using a phone number or email address of anyone on its network.
“With the team working alongside regulators from the outset, Mamo Pay users can look forward to both secure and faster methods of payment without the need for IBAN numbers, as transfers can be completed using nothing more than a phone number or email address,” said the startup in a statement provided to MENAbytes.
Mamo Pay’s co-founder and CEO Mohammad El Saadi, commenting on the occasion, said, “Mamo Pay not only increases speed but removes all of the hassle associated with banking in the MENA region. In our survey, we found that 87% of regional respondents had challenges with money transfers and 89% were unhappy with the existing solutions available to them.”
“We’re excited to see how our platform streamlines money transfers across financial services. Our vision is for Mamo Pay to simplify everything from sending money quickly, to splitting a bill at a restaurant, to speeding up payments for SMEs and entrepreneurs,” he added.
The Dubai-based startup, with the customer-first approach, has a vision that supports mindful finance.
Imad Gharazeddine, the co-founder and CTO of Mamo Pay, said, “We didn’t build Mamo Pay to merely facilitate transactions; we built it to bring financial awareness, education, and maturity to the MENA region. We want Mamo Pay to be the reason why people make better-informed financial decisions, and the driving force behind better spending habits.”
The three former Google employees have recently been joined by Asma Alyamani as the first hire of Mamo Pay. Asma was previously a Product Lead at Careem.
Asim Janjua, the co-founder and CXO of Mamo Pay, commenting on her appointment, said, “We’re thrilled to have Asma join the Mamo Pay team. Her previous role as Product Lead at Careem, combined with the alignment between her values and ours, makes Asma a uniquely impactful addition to the Mamo Pay team.
“The particular experience of our collective team, paired with the financial and strategic backing of our global investors, positions Mamo Pay to launch and scale with real purpose,” he added.
Mamo Pay also wants to offer solutions to low-income workers in the region who are normally unable to open traditional bank accounts.
“Low-income workers in the region often have two options: getting paid in cash, which is inefficient and potentially insecure or relying on an exchange company to distribute their salary on their behalf, which is expensive. Mamo Pay will eliminate this problem for the region’s low-income community,” said Asma Alyamani.
Noor Sweid, General Partner at Global Ventures, said, “We are thrilled to announce Global Ventures’ investment in Mamo Pay. We are excited to work with the founders and look forward to scaling the company’s growth to become the region’s leading payments platform.”
Mamo Pay is currently testing on Android in the run-up to launch this year, followed by iOS and web versions.