International law firm CMS has advised United Arab Emirates-based fintech Mamo on its $8 million pre-Series A funding round led by Global Venture and including 4DX Ventures, AlRajhi Partners, Olive Tree Capital and fintech investors from Silicon Valley.
Founded by Asim Janjua, Imad Gharazeddine and Mohammad El Saadi, three ex-Google employees, Mamo launched its digital wallet and payments platform Mamo Pay in 2020. Mamo Pay offers peer-to-peer payments, enabling its users to send and receive payments with zero fees from anywhere in the UAE via their smartphones.
The funds raised will be used by Mamo to develop its service offering, increasing utility for its customers and enhancing its Mamo Business product. The funds will also be used to support Mamo’s growth in the UAE and Saudi markets, including new hires to support the company’s expansion.
CMS Corporate partner Karim Fawaz comments: “The regional fintech space is booming and Mamo’s services are revolutionizing the way in which financial services are delivered and consumed in the UAE with distinguished user experience. We are delighted to support Mamo on this important investment and look forward to seeing its continued expansion and development.”
Mohammed El Saadi, Mamo Co-founder and CEO, said: “We are delighted with the advice we have received from the CMS team. Their support has played an important role in the success of this round. This fundraising is a testament to Mamo’s performance in the region and reflects our ambition to be the leader within the payments space. Through Mamo, we will support the UAE and MENA in its transition to a digital economy.”
The CMS team was led by Karim Fawaz and included Ashleigh Bruce (Senior Associate) and Hanna Uhlin (Associate).