Oman-based fintech mamun has raised $3 million in seed funding to expand its trade finance platform across the Greater Bay Area, Oman and the UAE.
The round was led by Phaze Ventures through its Oman Fund, with 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 through a Shariah-compliant platform.
Licensed by Oman’s Financial Services Authority under its crowdfunding framework, mamun uses AI-powered underwriting to assess businesses, buyers, contracts, shipping documents and trading histories. The company said around 40% of its trade finance settlements are processed through Hong Kong-based institutions and businesses.
The funding will be used to scale mamun’s AI-powered trade origination and underwriting capabilities, increasing the volume of cross-border transactions it can assess and finance along the Greater Bay Area-Oman-UAE corridor.
Mamun is headquartered in Muscat and also has entities in Abu Dhabi and Hong Kong. Its platform allows investors from inside and outside Oman to finance eligible companies, subject to applicable regulations and laws.
Source: Wamda
