FinTech startup raises $1.5M to revolutionise MENA payments

Accurate Middle East fintech startup fundraising

FinTech startup raises $1.5M to revolutionise MENA payments

Mamo Pay, the peer-to-peer payments app that users will love for its simplicity and utility, has raised $1.5M from investors supporting its efforts with partners and regulators in the run-up to launch this year.

Global Founders Capital (GFC) led the investment round, with Global VenturesVentureSouqMSA CapitalDubai Angel Investors (DAI)500 Startups, and angel investors also participating.

Founded by former Google employees Mohammad El Saadi, Asim Janjua, and Imad Gharazeddine, Mamo Pay will enable payments to family, friends, and businesses with just a few taps—and zero fees.  

With the team working alongside regulators from the outset, Mamo Pay users can look forward to both secure and faster methods of payment without the need for IBAN numbers, as transfers can be completed using nothing more than a phone number or email address. 

“Mamo Pay not only increases speed but removes all of the hassle associated with banking in the MENA region”, said Mamo Pay Co-founder Mohammad El Saadi. “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,” El Saadi said.

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