Monami Tech, a UAE-based Fintech payments startup, has successfully closed a seed funding of $1M. This is the first tranche of a total Series A round which is expected to raise over $3M over the next 90 days.
This round was led by PGH Holdings, an investment vehicle led by renowned American payments innovator Henry Helgeson - the Founder and CEO of Cayan - in addition to Paul Vienneau - the CTO of Cayan - and Greg Cohen - the President of Paya, former President of ETA, and CRO of Cayan.
Founded in UAE in 2016, Monami Tech specializes in helping financial services companies leverage the benefits of digital technology to enhance customer experience by focusing on the delivery of the following pillars of value: increasing revenue, reducing risk, and increasing efficiency in operations.
Aiming to reinforce current operations and capabilities in the region, Monami Tech will be using this cross-border investment to ramp up sales and marketing efforts as expansion plans in the Middle East gain momentum.
“We are delighted to have closed our seed round with US-based investors who are the leading payment experts in their respective fields and strategic partners who will play a key role in helping Monami Tech achieve its strategic objectives,” said Ammar Afif - Founder and Managing Director of Monami Tech.
Afif added, “The guidance, experience and expertise that institutional investors like Henry, Paul and Greg bring to the table is truly invaluable. Not to mention the credibility they give us as we embark on our robust expansion plan in the Middle East.”
“We are excited to partner with Ammar and the management team of Monami Tech as they try to innovate and disrupt the instant lending landscape,” said Paul Vienneau, who will take a Board Seat on behalf of PGH as part of this investment.
In addition to expanding its sales team, product development and user experience enhancement, launching into new segments for instant lending and exploring new verticals such as health care and automotive, are all high on the agenda.
Afif commented, “As the instant lending market is nascent, we realize that the opportunity is huge. This is why our combination of innovation within but also partnering and aligning ourselves with leading companies and advisors from the US and abroad to bring the best in class to the MENA region is certain to stand us in good stead.”
Monami Tech is also planning to announce expansion across the GCC including Bahrain and Saudi Arabia in the near future. The company recently announced its partnership with Al Hail ORIX Finance PSC for the deployment of its technology for SAMA’s business and consumer lending project.