Oman-Based mamun Raises $3 Million to Expand Gulf-Asia Trade Finance

Oman-based fintech startup mamun has raised $3 million in seed funding to expand its Shariah-compliant trade finance platform across the Gulf-Asia corridor. The round was led by Phaze Ventures through its Oman Fund, with participation from UAE-based Jasoor Ventures.

Founded in 2019 by Saleh Al Tamami, Mohammed Al Tamami and Ahmed Al-Issaei, mamun connects businesses with investors to finance imports, exports and working capital. The company is headquartered in Muscat, with entities in Abu Dhabi and Hong Kong, and is licensed by Oman’s Financial Services Authority under its crowdfunding framework.

The new capital will be used to expand mamun’s AI-powered trade origination and underwriting capabilities, increasing the volume of transactions it can assess and finance along the Greater Bay Area-Oman-UAE corridor. Its underwriting system evaluates both the company behind a trade and the transaction itself, including contracts, buyers, trade documents and trading history. Around 40% of the platform’s trade finance settlements are already processed through Hong Kong-based institutions and businesses.

mamun’s regional structure is designed around cross-border trade flows, with Muscat serving as its regulated origination base, Abu Dhabi connecting the platform to Gulf capital and UAE transactions, and Hong Kong providing access to Greater Bay Area trade routes.