Mamo has been granted an Innovation Testing License to operate in or from Dubai International Financial Centre (DIFC), the global financial centre and leading FinTech hub in the MEASA region.
The license has been granted by the Dubai Financial Services Authority (DFSA) to carry out the regulated activity of Providing Money Services. The license allows Mamo to test its products and services in a rapidly growing market under conditions defined by the DFSA.
In a nutshell:
- The Peer-to-Peer (P2P) payments space will grow from $ 22Bn in 2019 to $115Bn (almost 5x) by 2023 for the Middle East as a whole;
- In the UAE alone, there are 1.7 million unbanked individuals which is 32 percent of the working population;
- Mamo will address this segment and provide access to the broader financial system in line with a vision for financial inclusivity and independence.
- Mamo raised US$8 million in a pre-Series A round which was announced last month, and led by Global Ventures. The round was also joined by 4DX Ventures, AlRajhi Partners, Olive Tree Capital, B&Y and some FinTech-focused investors from Silicon Valley.
Salmaan Jaffery, Chief Business Development Officer at DIFC Authority, said:
“DIFC is pleased to provide the most advanced, innovative and comprehensive financial services framework in the region which is driving the future of the sector. The Innovation Testing License is ideally suited to helping startups such as Mamo. We are delighted to welcome Mamo to our community, which is now the largest cluster of finance, FinTech and innovation companies in the region and provides Mamo with the ecosystem to achieve their growth ambitions.”
Mohammed El Saadi, CEO and Co-Founder of Mamo, commented:
“We are thrilled to achieve this milestone and be granted this license by the DFSA, which permits us to provide payment services from DIFC. At Mamo, everything we do begins with an authentic human connection. Always with trust, traceability, and transparency at the top of the agenda, we’re empowering users, through our Mamo Pay app, with a simpler, faster, friendlier way to send and receive money instantly. With human principles driving everything we do, our ambition is to add value, strengthen the financial ecosystem, and accelerate the future of finance in the UAE and beyond.”
