Dubai Peer-to Peer Fintech Mamo Pay Raises $1.5 Million in Seed Round
Founded by three former Google employees, the P2P app replaces the hassle of traditional banking with simple, accessible, immediate transfers.
The Middle East has been itching for a safe, accessible, simple tool to split bills without descending into passive aggressive turmoil, receive online payments and have immediate access, and keep track of our spending habits, instead of just blinking at a balance that doesn’t seem to make any sense.
Dubai fintech Mamo Pay - the soon-to-launch P2P payments app that will let users make and receive payments with zero fees - is one step closer to making that a reality, having just raised $1.5 million in its seed funding round, led by Global Founders Capital, with Global Ventures, VentureSouq, MSA Capital, Dubai Angel Investors, 500 Startups, along with some angel investors.
Founded by former Google employees Mohammad El Saadi, Asim Janjua, and Imad Gharazeddine, the team is currently working with regulators to build fast and secure methods of payment without the need for IBAN numbers, allowing transfers with only a phone number or email address.
“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,” says co-founder and CEO Mohammad El Saadi. “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.”
Mamo Pay’s Head of Product, Asma Alyamani, also points to the app’s potential for underbanked sectors: “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.”
