Dubai, UAE – October 31, 2024 – Mamo, a number one funds options supplier within the UAE, introduced a strategic partnership with CredibleX to introduce a bank card providing for small and medium-sized enterprises (SMEs) within the UAE. This partnership will assist companies deal with important gaps of their working capital wants, and can present a lifeline to those who function in particular sectors akin to retail and e-commerce. Mamo’s objective is to assist these companies to thrive in right this moment’s aggressive market.
[Left to Right: Imad Gharazeddine, co-founder & CEO, Mamo; Anand Nagaraj, co-Founder & CEO, CredibleX]
By way of this collaboration, Mamo and CredibleX will launch an modern company bank card particularly designed to handle the short-term lending wants of SMEs. The bank card will present companies with spend administration, spend limits, expense administration, and extra. SMEs can sit up for quite a few advantages, together with real-time expense monitoring, division budgets throughout playing cards, multi-currency spending capabilities, a streamlined approval course of, and up to three% cashback — giving them the peace of thoughts essential to concentrate on enterprise progress and growth.
Small and medium enterprises are essential drivers of the UAE’s financial system, contributing to over 94% of whole companies. Regardless of this, solely 10.4 p.c of the full accrued steadiness of monetary amenities and loans reaches such companies. With SMEs set to play an excellent bigger position in shaping the UAE’s future, the demand for versatile monetary merchandise, akin to bank cards, has surged over the previous couple of years. Mamo’s partnership with CredibleX goals to handle the hole and supply companies with the instruments they should handle day-to-day bills extra successfully.
“Partnering with CredibleX is an important step in our journey to empower businesses with an all-in-one payment solution that not only helps them survive, but helps them thrive. Our goal is to help SMEs in the UAE become wealthy. We provide businesses with tools that are as empathetic as they are beautiful. Our products are built with purpose, trust and transparency by a team that shares these values. This partnership strengthens our ability to deliver on that promise”, commented Imad Gharazeddine, co-founder and CEO of Mamo.
“We are delighted to partner with Mamo to offer financing solutions to businesses towards their card-able spends,” mentioned Anand Nagaraj, co-Founder and CEO of CredibleX. “As our payable financing product is restricted towards approved business expenses, this partnership offers us the technology to address the requirement. Looking forward to growing this embedded financing proposition with Mamo to help SMEs with their working capital and business expense requirements.”
About Mamo
Mamo is a UAE-based fintech firm that helps tons of of companies save time and prices by automating cost assortment and company expense administration by means of a single platform. In 2022, Mamo turned the primary fintech startup licensed by the DFSA with a Class 3C Offering Cash Companies license.
About CredibleX
Credible X Restricted empowers firms to supply lending options to their SME ecosystem thereby making a handy, trustable and clear lending resolution for all companions. Credible X Restricted is regulated by the Monetary Companies Regulatory Authority (“FSRA”) within the Abu Dhabi World Market (“ADGM”) and holds Class 2, Class 3 and Class 4 licenses for Offering Credit score, Offering Cash Companies and Working Non-public Financing Platform.