How did Mamo gain 8 Million Dollars for its Digital Wallet and Payments platform? | MENA startups, innovation, and tech news

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How did Mamo gain 8 Million Dollars for its Digital Wallet and Payments platform?
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How did Mamo gain 8 Million Dollars for its Digital Wallet and Payments platform?

Digital wallets and online payment platforms are all the hype at the moment, with everything going online from jobs to shopping, digital payments are essential for a quicker and safer way to send and/or receive money, but what exactly is a digital wallet and how does it work?

A digital wallet, also known as an e-wallet, is a software-based system that stores a digital version of your debit card, credit card, and several other payment methods that save your information and help you pay much faster and with ease, digital wallets are mostly used with “mobile payment systems” enabling individuals to pay anytime anywhere! Needless to say, Digital wallets have various benefits, some of them include:

  • No more hassle for finding or getting change in order to pay,
  • Easier, safer, and extremely convenient as well as provide –
  • Proper record, proof, and statement of each and every transaction.

There are several phone applications for using digital wallet like Due, Cash app, Google wallet, amazon pay, paypal, venmo, samsung pay, etc, but one that has recently been making headlines is ‘Mamo Pay’, in the middle east, which is a Dubai based Fintech and founded in 2016 by Asim Janjua, Imad Gharazeddin’e, and Mohammad El Saadi, who previously worked in Google. In 2020, they were able to raise 1.5 million dollars for revolunarizing P2P payments, which enabled quick payments without the need for IBAN with just the phone number and email address along with zero fees.

Co-founder and CEO Mohammad of Mamo El Saadi, gave his statement saying, “Mamo Pay not only increases speed but removes all of the hassle associated with banking in the MENA region. 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.” Further he added that, “We’re excited to see how our platform streamlines money transfers across financial services. 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,”

While recently this year, Mamo beat their own previous achievement and raised 8 million dollars in a pre-Series A round led by Global Ventures, which was also joined by AlRajhi Partners, Olive Tree Capital, and some fintech-focused investors from Silicon Valley. Mamo pay can be downloaded and used both in Android as well as IOS, The very few easy steps include:

  • Download the app
  • Register with phone number
  • Add email address
  • Link your UAE bank account through phone verification
  • Add money to you wallet
  • Finally, money can be transferred to anyone free of charge.

Mamo Pay also launched another product lately, called ‘Mano Business’, which can be used by anyone with a business entity for monetary transactions, “permanent payment links” can be created to share with any customer or person who has to pay, this is a very convenient feature as it allows the sharing of the link through every social platform. Mano Business takes only 3 percent of every business transaction through Mamo Business. The steps to use Mano business are also super easy and are as follows:

  • Download Mamo business through playstore, apple store, etc
  • Sign up and register
  • Receive your permanent payment link
  • Customers can then pay through Debit/Credit cards.

Dubai Financial Service authority has granted principal regulatory approval under its Innovation Testing License as stated by Mamo, Mamo pay also joined Visa’s Finetech Fast track program in 2020, and soon Mamo is also planning to extend and launch their services in Saudi-Arabia. 

In an interview, Mohammed El Saadisaid.“This fundraising is a testament to Mamo’s performance in the region and reflects our ambition to be the leader within the payments space. We believe that accepting and making payments should be much simpler than it is today, for everyone. Through Mamo, we will support the UAE and MENA in its transition to a digital economy. At Mamo, we want to lead and drive financial independence and inclusion across the greater MENA region.”

“At the core of it, money is a medium of social exchange and we are building the fabric to connect every member of this society together from the well-banked to the unbanked – from small business owners to freelancers and beyond,” he added.

Basil Moftah, General Partner at Global Ventures, said, “It is exciting to see Mamo’s growth and even more so, to be a part of their journey. The regional Fintech space is booming because of innovators like Mamo who are empowering customers and businesses alike, by revolutionizing the ways they traditionally deliver and consume financial services. The start-up is setting the tone for a thriving and innovation-driven financial ecosystem in MENA.”

Mamo Pay has proved to be a successful Digital Payments application and has catered very well to the much-needed optimization of the economy, by making transactions both personal as well as business, easier, as Asma Alyamani said, “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,” and thus Mano pay aims at bringing, “Financial awareness, education, and maturity to the MENA region. We want Mamo Pay to be the reason why people make better-informed financial decisions, and the driving force behind better spending habits.” – Imad Gharazeddine, CO-Founder of Mano pay.a

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