Mamo, a Dubai-based digital wallet and payment platform, has raised $8 million in a Pre-Series funding round, the company said in a statement.
The funding led by Global Ventures, will be used initially on developing the company’s service offerings, increasing utility for its customers, and enhancing its Mamo Business product. It will also be used to expand growth in the UAE and Saudi market, along with new hires to support its expansion, the company said.
The company funded by three former Google engineers, allows users to send and receive payments through their smartphone free of charge.
It recently launched Mamo Business for freelancers and small businesses to receive online payments from their customers, avoiding complex gateway and merchant integrations.
Mamo currently employs 12 people and expects to make new recruitment to support expansion in the UAE and Saudi market.
Dubai-based Fintech firm Mamo sews out $8m in pre-Series investment
