UAE: 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 centre and leading FinTech hub in the MEASA region. The licence has been granted by the Dubai Financial Services Authority (DFSA) to carry out the regulated activity of Providing Money Services. The licence 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 Licence 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 on the announcement, “We are thrilled to achieve this milestone and be granted this licence 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.”
About Dubai International Financial Centre:
Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and a nominal GDP of USD 7.7 trillion.
With a 16-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe and the Americas through Dubai.
DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of almost 27,000 professionals working across over 2,900 active registered companies – making up the largest and most diverse pool of industry talent in the region.
The Centre’s vision is to drive the future of finance. Today, it offers one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.
Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations. For further information, please visit our website: difc.ae, or follow us on Twitter @DIFC.
Mamo is a bold and inclusive, purpose-driven FinTech company committed to bringing financial independence to the underserved. Mamo’s flagship solution is Mamo Pay, a fast, secure, human-centered platform co-created to simplify everyday personal and business payments. With trust, traceability, and transparency at the top of its agenda, Mamo’s ambition is to accelerate the MENA region towards digital payments and champion financial inclusion and literacy across economically diverse communities. By empowering users with simpler, faster, friendlier financial products, insights and strategies, Mamo’s vision is to help everyone make smarter financial decisions and live happier lives. To discover more, please visit mamopay.com or subscribe to our blog, mamopay.com/mentor.