The problem
SMEs make up 94% of companies operating in the UAE, yet banks underserve them — so a small firm ends up stitching together one tool to get paid, another for staff cards, and spreadsheets for expenses, with finance work scattered across vendors.
How it works
Mamo offers a single regulated platform: collect customer payments, issue corporate cards to the team, and manage and approve expenses from one dashboard. The company positions the product as infrastructure for SME payments and spend management rather than a single-feature app.
Pain points
Fragmented collection and payout tools, employees floating business spend on personal cards, manual reconciliation at month-end, and bank onboarding that prices small firms out.
Business model
Consolidation economics: Mamo monetises the payment-collection, card-spend, and expense-management volume flowing through its platform, deepening the relationship as SMEs adopt more of the suite.
Challenges
Testing product lines in Saudi Arabia brings fresh licensing and distribution costs; at home, banks are waking up to SME banking while rival fintechs pitch the same all-in-one story — so Mamo has to keep shipping product faster than incumbents can copy it.
Funding
- Raised: $3.4M (Jul 2024) from existing investor 4DX Ventures plus Dubai Future District Fund and Cyfr Capital, earmarked for UAE product expansion and testing in Saudi Arabia.
- Total: $13M raised to date, following a $1.5M round in 2019 and an $8M round in 2021 (Entrepreneur Middle East, Aug 2024).
Latest — May 2025
In May 2025 Ripple named Mamo (Mamo Pay) alongside Zand Bank as its first UAE clients live on Ripple Payments for blockchain-powered cross-border transfers — putting Mamo’s rails inside one of the world’s top remittance hubs.