Mamo, the UAE-based FinTech company, has been granted an Innovation Testing Licence to operate in or from Dubai International Financial Centre (DIFC), the global financial center 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 are 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.