Mamo
“Can a DFSA-licensed payment facilitator replace three financial service providers (PSP, corporate cards, payouts) for UAE SMBs with a single integrated platform?”
HQDubai International Financial Centre (DIFC), Dubai, UAE
FoundersImad Gharazeddine, Asim Janjua
Total raised$13M+
Latest round$3.4M (2024)
IndustryFintech / SMB banking
The story
Founded as a UAE consumer P2P payments app (send money like a text message via phone contacts). Pivoted to a B2B/SME-focused full-stack payments and spend management platform under the Mamo Business brand, replacing the consumer-first positioning with an integrated payments + corporate cards + payouts + expense management product for UAE SMBs. Today positions as 'the UAE's only full-stack digital payments and spend management platform'.
Last 12 months
Product timeline
2022
Launched P2P money transfer via phone contacts in UAE· launch
2023
Selected Checkout.com as payments provider for Mamo Business· partnership
2024
Raised $3.4M, total funding ~$13M, regional expansion focus· funding
2025
Crossed AED 1.2bn total payment volume· milestone
Regulated entities
1
regulatory licence held by Mamo
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
7 layers disclosed in Mamo’s embedded-finance stack
Payments / PSP
Checkout.comMamo Business (self-operated PayFac)
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Lending
in the full report
FX & payouts
in the full report
Accounting
in the full report
Accounting gap: minor
14 more providers across 6 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.