Dubai, UAE – October 31, 2024 – Mamo, a leading payments solutions provider in the UAE, announced a strategic partnership with CredibleX to introduce a credit card offering for small and medium-sized enterprises (SMEs) in the UAE. This partnership will help businesses address critical gaps in their working capital needs, and will provide a lifeline to those that operate in specific sectors such as retail and e-commerce. Mamo’s goal is to help these businesses to thrive in today’s competitive market.
[Left to Right: Imad Gharazeddine, co-founder & CEO, Mamo; Anand Nagaraj, co-Founder & CEO, CredibleX]
Through this collaboration, Mamo and CredibleX will launch an innovative corporate credit card specifically designed to address the short-term lending needs of SMEs. The credit card will provide businesses with spend management, spend limits, expense management, and more. SMEs can look forward to numerous benefits, including real-time expense tracking, department budgets across cards, multi-currency spending capabilities, a streamlined approval process, and up to 3% cashback — giving them the peace of mind necessary to focus on business growth and expansion.
Small and medium enterprises are crucial drivers of the UAE’s economy, contributing to over 94% of total businesses. Despite this, only 10.4 percent of the total accumulated balance of financial facilities and loans reaches such businesses. With SMEs set to play an even larger role in shaping the UAE’s future, the demand for flexible financial products, such as credit cards, has surged over the last few years. Mamo’s partnership with CredibleX aims to address the gap and provide businesses with the tools they need to manage day-to-day expenses more effectively.
“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,” said 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 company that helps hundreds of businesses save time and costs by automating payment collection and corporate expense management through a single platform. In 2022, Mamo became the first fintech startup licensed by the DFSA with a Category 3C Providing Money Services license.
About CredibleX
Credible X Limited empowers companies to offer lending solutions to their SME ecosystem thereby creating a convenient, trustable and transparent lending solution for all partners. Credible X Limited is regulated by the Financial Services Regulatory Authority (“FSRA”) in the Abu Dhabi Global Market (“ADGM”) and holds Category 2, Category 3 and Category 4 licenses for Providing Credit, Providing Money Services and Operating Private Financing Platform.
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