Mamo announces support for UAE Female Founders on Emirati Women’s Day
In celebration of Emirati Women’s Day, Mamo, a UAE-based fintech company, have announced a special initiative to support female founders across the UAE. Mamo will waive the first six months of subscription fees for female-owned businesses that sign up for Mamo’s all-in-one financial services platform during August and September 2024.
The initiative aims to provide support to female entrepreneurs in the UAE, where female-owned businesses are growing rapidly. According to the Dubai Chamber of Commerce, female-led businesses account for 10% of the UAE’s private sector, and the country has the highest number of women on Forbes’ 100 Most Powerful Arab Businesswomen in 2023 and the second highest in 2024 with 14 Emirati women on the list.
By offering a six-month period free of monthly subscription fees to its Ultra Plan, Mamo aims to reduce the financial pressure female entrepreneurs face, empowering them with a transparent and accessible financial services platform. The offer includes lowest payment processing fees in UAE, unlimited free issuance of the Mamo Visa corporate cards, lowest in the region FX fees, a built-in expense management tool, as well as priority onboarding, locally based customer support, no set-up costs, and simple plug & play integrations. The initiative will help female entrepreneurs transform their financial operations, track and manage cash flow more efficiently, thus allowing them to focus on scaling their business ventures. Any female-led UAE-based business can avail the offer using the EWD24 promo code.
“We’ve been using Mamo for a few months now and, as a new business, it’s very easy for us to navigate their dashboard and keep track of finances. The service has also been great and thorough, with response time being very quick,” shared Sweta Mehta, owner of SweME, a UAE-based fine jewellery business.
Mamo’s current product offering addresses the specific needs of SMEs, helping them save on transaction fees and manage their finances more efficiently and effectively. The platform offers payment collection, corporate cards, and expense management, all integrated into a single user-friendly platform. With their transparent business model, Mamo’s services have become indispensable for many small and medium-sized enterprises in the UAE, servicing over 3,000 companies across the country.
“Mamo’s mission has always been to empower businesses by providing them with the tools they need to succeed, and this initiative is a testament to our commitment to supporting female founders in the UAE,” said Imad Gharazeddine, Co-Founder and CEO of Mamo. “We believe that by making our platform more accessible, we can enable female entrepreneurs to overcome financial barriers and thrive in their industries.”
Since its founding in 2019, Mamo has demonstrated a strong commitment to support SMEs in the country. This year, Mamo has successfully completed a $3.4 million funding round, backed by investors including 4DX Ventures and the Dubai Future District Fund. The newly raised capital is being used to expand Mamo’s product offerings within the UAE and support regional expansion into the Kingdom of Saudi Arabia. To date, the company has raised $13 million in funding and grown its team to 30 dedicated professionals.
