Mamo's .3M Funding Fuels UAE SME Growth

Dubai-based financial services firm Mamo has secured .3 million in new funding, positioning the company to expand its suite of payment and expense management solutions for small and medium-sized enterprises (SMEs) in the United Arab Emirates (UAE). Founded in 2019, Mamo aims to empower businesses to better manage and grow their finances through simplified, faster, and more user-friendly financial services.

Empowering UAE SMEs to Thrive in the Digital Economy

Addressing the Pain Points of SME Payments

Mamo's CEO, Imad Gharazeddine, highlighted the unique challenges faced by SMEs in the UAE when it comes to managing payments. "SMEs are tired of cash-on-delivery because of the operational hassles associated with it," he explained. "If you deliver products or services and your customer comes to make a payment and they don't have the right change, you have to send your driver back and forth a few times." This inefficient process can significantly impact an SME's cash flow and operational efficiency.To address this pain point, Mamo has developed a suite of payment collection, corporate card, and expense management solutions tailored to the needs of UAE-based SMEs. By streamlining the payment process and providing digital tools to manage finances, Mamo aims to empower these businesses to focus on their core operations and growth.

Tapping into the Surge of B2B Payments

Gharazeddine noted that the demand and interest in Mamo's services are primarily driven by the sheer frequency and volume of B2B payments made by SMEs. "On the P2P side, you may have the need to pay back a friend maybe two or three times a week at most, but on the business payments side, we have customers who transact up to 500 times a month, so that pain point immediately gets multiplied by 500, which makes it a far more compelling problem to solve," he said.The UAE's thriving SME sector, which accounts for over 94% of the country's total business population, presents a significant opportunity for Mamo to capitalize on the growing demand for digital payment and financial management solutions. With the new funding, the company plans to expand the depth of its product offerings within the UAE and support regional expansion, further solidifying its position as a trusted partner for SMEs navigating the digital economy.

Unlocking Embedded Lending Opportunities

The article also highlights the potential for embedded lending solutions targeting micro and small businesses (MSBs) in the UAE and beyond. Recent research by PYMNTS Intelligence and Visa suggests that while only about 1 in 6 lenders in the U.S. have expressed strong interest in expanding their embedded lending offerings for MSBs, this represents a missed opportunity that embedded lending providers should seek to address.As SMEs continue to navigate the challenges of the post-pandemic landscape, access to flexible and integrated financial solutions, such as those offered by Mamo, will be crucial for their growth and resilience. The company's latest funding round underscores the growing demand for innovative fintech solutions that cater to the unique needs of the UAE's vibrant SME ecosystem.