Wallets/mamo
Mamo
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Overview
Mamo is UAE's MENA SME fintech, simplifying SME financial operations + enhancing cost-efficiency [1, 2, ae-cro]. Founded 2019 in Dubai by Asim Janjua + Imad Gharazeddine + Mohammad El Saadi (former Google + Souq.com alumni).
Product offering: payment collection + corporate cards + expense management under one financial-services platform — localized for UAE SMEs underserved by traditional banking infrastructure.
July 2024 funding milestone [3]: $3.4M raise from existing investor 4DX Ventures + Dubai Future District Fund + Cyfr Capital — cumulative $13M total funding. Funds support UAE product expansion + Kingdom of Saudi Arabia testing.
Team: 30+ employees as of 2024.
History
2019 — Mamo founded in Dubai [3] by Asim Janjua + Imad Gharazeddine + Mohammad El Saadi (ex-Google + Souq.com).
2020-2023 — UAE SME adoption [1].
July 2024 — $3.4M raise [3] (4DX Ventures + Dubai Future District Fund + Cyfr Capital); cumulative $13M; Saudi Arabia testing initiated.
Ownership & operator
Operating entity: Mamo Pay (UAE SME fintech).
Co-founders: Asim Janjua + Imad Gharazeddine + Mohammad El Saadi (ex-Google + Souq.com Dubai team).
Major investors: 4DX Ventures + Dubai Future District Fund + Cyfr Capital + Global Ventures + Sequoia/Peak XV (historical seed) + others.
Regulator: CBUAE (Central Bank of UAE).
Technical integration
| Layer | Description |
|---|---|
| Channels | Mamo mobile app (iOS + Android) + API + merchant payment-collection + corporate cards |
| Identifiers | Phone + email + card number |
| Customer type | UAE SMEs (underserved by traditional UAE banking) |
| Products | Payment collection (Mamo Business) + corporate cards + expense management (single platform) |
| 2024+ Saudi Arabia testing | |
| License | CBUAE-regulated payment services + spend management |
Users & growth
2024 baseline [3]:
- Cumulative funding: $13 million
- 2024 round: $3.4M (4DX Ventures + Dubai Future District Fund + Cyfr Capital)
- Team size: 30+ employees
- Distinctive positioning: UAE SME-segment financial infrastructure (underserved by traditional UAE banks)
Use cases
UAE SME payment-collection (Mamo Business); corporate cards for SME expense control; SME expense management + analytics; cross-border SA testing (2024+); single-platform SME financial operations replacing fragmented bank-and-tools workflow.
Implementations & partners
Operator: Mamo Pay (Asim Janjua + Imad Gharazeddine + Mohammad El Saadi).
Major investors: 4DX Ventures + Dubai Future District Fund + Cyfr Capital + Global Ventures + Sequoia/Peak XV (historical seed) + others.
Major UAE + MENA SME-fintech competitors:
- [[wio-bank]] (UAE full banking license; 120K+ business clients; AED 50B+ deposits)
- [[hala]] (Saudi SME comprehensive infrastructure; 140K+ SMEs)
- Tabby Business + Tamara Business (BNPL for SMEs)
- Pleo MENA expansion (European SME expense)
- [[stripe]] MENA + [[adyen]] MENA
- Sarwa, Souqalmal, other UAE SME-financial-services adjacent
Regulator: CBUAE.
Fun facts
- 2019 Dubai founding by ex-Google + Souq.com team Asim Janjua + Imad Gharazeddine + Mohammad El Saadi.
- $13M cumulative funding (small-but-focused SME-fintech build).
- July 2024 $3.4M raise (4DX Ventures + Dubai Future District Fund + Cyfr Capital).
- 30+ employee team (lean, product-focused).
- 2024 Saudi Arabia testing — KSA expansion underway.
- "UAE SME segment underserved by traditional banking infrastructure" — direct positioning quote.
Comparison
| Feature | Mamo | [[wio-bank]] (UAE digital-bank rival) | [[hala]] (Saudi SME comprehensive analogous) | Pleo (European SME expense rival) | Brex (US/global SME analogous) |
|---|---|---|---|---|---|
| Operator | Mamo Pay (Asim Janjua + Imad Gharazeddine + Mohammad El Saadi; ex-Google + Souq.com) | Wio Bank PJSC (ADQ + Alpha Dhabi + e& UAE + FAB) | Hala (TPG + Sanabil $157M Sep 2025) | Pleo | Brex Inc. |
| Type | UAE SME payment collection + corporate cards + expense management | UAE full-banking-license digital bank + SME + retail + Invest | Saudi SME comprehensive financial infrastructure | European SME expense + cards | US/global SME expense + cards |
| Country | UAE + SA (testing 2024+) | UAE | Saudi + UAE | Europe | US + global |
| Users | Lean-team UAE SME-focused build | 120K+ business clients + AED 50B+ deposits | 140K+ Saudi/UAE SMEs + $8B annual | Major European | Major US + global |
| Funding | $13M cumulative + $3.4M Jul 2024 (4DX + Dubai Future District Fund + Cyfr Capital) | AED 2.3B bank capital (4 strategic UAE shareholders) | Sep 2025 $157M (TPG + Sanabil) | €350M+ | $1.5B+ |
| Distinctive | Ex-Google + Souq.com Dubai team; UAE SME-underserved-by-traditional-banks positioning | 4 UAE national strategic shareholders; Euromoney Best SME digital bank 2025 | Sep 2025 Series B (TPG + Sanabil) | European SME expense | US/global SME corporate cards |
Status
Active, UAE SME fintech [1, 3]:
- Mamo Pay (Asim Janjua + Imad Gharazeddine + Mohammad El Saadi) since 2019.
- $13M cumulative funding + $3.4M July 2024 raise.
- UAE SME payment collection + corporate cards + expense management single-platform.
- 2024 Saudi Arabia testing.
- CBUAE-regulated.
Sources
- 1 Mamo Pay — Tracxn
- 2 Mamo $3.4M UAE SME — Entrepreneur
- 3 Mamo $3.4M Jul 2024 — Fintech Global
- 4 Mamo $3.4M Wamda
- ae-cro In-corpus:
reports/countries/AE-uae.md
Source
Biography extracted from mamo.md. See matrix.md for standards-support matrix if present.