Dubai-based fintech Mamo Pay that recently raised $1.5 million in a seed round has joined Visa’s Fintech Fast Track Program, it announced in a statement to MENAbytes today. The program will enable Mamo Pay to reach a wider audience, and benefit from the capabilities and security of VisaNet, Visa’s global payment network.
“Through Fast Track, Mamo Pay and Visa will partner on a number of initiatives including launching prepaid cards to accelerate financial inclusion and cashless adoption in Mamo Pay’s key markets,” said the statement.
Founded by three former Google employees; Mamo Pay’s platform (which is currently available as a private beta) enables users and businesses to manage their money through a mobile app. Its peer-to-peer payments app allows the users to make transfers and payments to family, friends, and businesses with a few taps and zero fees.
The startup in a statement said that by joining Visa’s Fintech Fast Track Program, it now has the “ability to access Visa’s growing partner network and experts helping them integrate with existing financial services in the most efficient way possible.”
Mamo Pay co-founder Mohammad El Saadi, said, “Less than half of adults in the MENA region have access to a formal bank account, while even those that do, are often forced to rely on cash. Mamo Pay not only increases speed but removes all of the hassle associated with banking in the MENA region while also providing financial access to those that have been excluded from the traditional financial system. We are excited about partnering with Visa to deliver an intuitive, fast and effortless payments service to users and businesses across the region”
Otto Williams, Vice President, Strategic Partnerships, Fintech and Ventures, CEMEA at Visa, said, “By joining Visa’s Fast Track program, exciting fintechs like Mamo Pay gain unprecedented access to Visa experts, technology, and resources. Fast Track lets us provide new resources that rapidly growing companies need to scale with efficiency. We’re delighted to welcome Mamo Pay into our program and look forward to working with them on their payment solutions that will help promote financial inclusion in the MENA region.”