5 years ago

Mamo Pay Secures $1.5M to Revolutionize MENA Payments

  • Mamo Pay, a peer-to-peer payments app, has raised $1.5 million in seed funding led by Global Founders Capital

  • The round also saw participation from Global Ventures, VentureSouq, MSA Capital, Dubai Angel Investors, 500 Startups, and angel investors

  • Founded by former Google employees, Mamo Pay aims to simplify payments in the MENA region by offering secure and faster methods of payment without the need for IBAN numbers

  • The app allows users to complete transfers using nothing more than a phone number or email address

  • Mamo Pay's vision is to simplify everything from sending money quickly to splitting a bill at a restaurant to speeding up payments for SMEs and entrepreneurs

  • The company is currently testing on Android in run-up to launch this year, followed by iOS and web versions.

      • ProblemFinancial Services

      "The MENA region faces challenges with traditional banking systems, leading to slow, expensive, and inconvenient money transfers, particularly impacting low-income workers who rely on cash or expensive exchange services."

      Solution

      "Mamo Pay offers a user-friendly mobile app for peer-to-peer payments, enabling fast, secure, and free transactions using phone numbers or email addresses, eliminating the need for IBAN numbers and simplifying financial services for all."

      Covered on