Thursday May 23rd, 2024
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UAE's Fintech Startup Monami Tech Raises $1 Million

This is the first tranche of a total Series A round which is expected to raise over $3 million.

Staff Writer

Monami Tech, the Emirati fintech startup has just closed seed funding of $1 million from a range of cross-border investment led by PGH Holdings. This is the first tranche of a total Series A round which is expected to raise over $3 million and will close over the next 90 days.

Aiming to reinforce current operations and capabilities in the region, Monami Tech will be using this cross-border investment to ramp up sales and marketing efforts as expansion plans in the Middle East gain momentum.

“We are delighted to have closed our seed round with US-based investors who are the leading payment experts in their respective fields and strategic partners who will play a key role in helping Monami Tech achieve its strategic objectives,” says Ammar Afif, Founder and Managing Director, Monami Tech. “The guidance, experience, and expertise that institutional investors like Henry, Paul and Greg bring to the table is truly invaluable. Not to mention the credibility they give us as we embark on our robust expansion plan in the Middle East.”

Last year was spent primarily in investing in product development and building Monami Tech's management team, including opening up a development center in Bangalore, India. "This latest investment boost in our operations, combined with the revenue growth the company is experiencing, will take Monami Tech one step closer to profitability by fast tracking our expansion plans.” adds Afif.

Monami Tech plans to soon announce expansion across the Arabian Gulf, including Bahrain and Saudi Arabia. In addition to expanding its sales team, the Emirati award-winning startup is also planning to further their product development and user experience enhancement, as well as launch into new segments for instant lending and exploring new verticals such as health care and automotive. “As the instant lending market is nascent, we realize that the opportunity is huge.  This is why our combination of innovation within but also partnering and aligning ourselves with leading companies and advisors from the US and abroad to bring the best in class to the MENA region is certain to stand us in good stead,” added Afif.

Main Image: Paul Vienneau the CTO of Cayan, Ammar Afif, Founder and Managing Director, Monami Tech and Greg Cohen, President of Paya


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