Oman-based fintech startup mamun has successfully secured million in seed funding to enhance its Shariah-compliant trade finance platform, aimed at facilitating trade across the Gulf-Asia corridor. This investment is significant as it will enable mamun to leverage artificial intelligence to improve its trade origination and underwriting processes, ultimately boosting trade finance opportunities in the region.
Funding Details and Company Overview
The funding round was led by Phaze Ventures through its Oman Fund, with additional participation from UAE-based Jasoor Ventures. Founded in 2019 by Saleh Al Tamami, Mohammed Al Tamami, and Ahmed Al-Issaei, mamun connects businesses with investors to finance imports, exports, and working capital. The company is headquartered in Muscat, Oman, and has established entities in Abu Dhabi and Hong Kong. It operates under the licensing of Oman’s Financial Services Authority, utilizing a crowdfunding framework.
Key facts
- mamun raised million in seed funding.
- The funding was led by Phaze Ventures through its Oman Fund.
- UAE-based Jasoor Ventures also participated in the funding round.
- mamun was founded in 2019 and is headquartered in Muscat.
- Approximately 40% of the platform’s trade finance settlements are processed through Hong Kong-based institutions.
Implications for UAE Residents and Businesses
The expansion of mamun’s platform is poised to enhance trade finance accessibility for businesses in the UAE and the broader Gulf region. By utilizing AI in its underwriting process, mamun can assess a higher volume of transactions, making it easier for companies to secure the necessary funding for their trade activities. This is particularly beneficial for small and medium-sized enterprises (SMEs) that often face challenges in obtaining financing for international trade.
Moreover, mamun’s strategic positioning with offices in Abu Dhabi and Hong Kong allows it to facilitate smoother cross-border transactions. This is crucial for businesses looking to tap into the Greater Bay Area’s trade routes, which are vital for connecting the Gulf with Asian markets. The Shariah-compliant nature of mamun’s services also appeals to a significant segment of the UAE’s business community, aligning with local financial practices and regulations.
What happens next
- mamun will focus on scaling its AI-powered trade origination and underwriting capabilities.
- The company aims to increase the volume of transactions assessed and financed along the Gulf-Asia corridor.
The successful funding round positions mamun to play a pivotal role in enhancing trade finance solutions in the Gulf-Asia corridor, benefiting businesses and investors alike.