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.
