UAE fintech start-up Monami Tech closes $1m seed funding round

UAE-based fintech payments firm Monami Tech has announced the closing of a $1m seed funding round.

The company, which provides solutions to financial services firms, said the funding was the first tranche of a Series A round expected to raise more than $3m over the next three months.

It was led by PGH Holdings, an investment vehicle led by current and former executives at US payments firm Cayan including founder and CEO Henry Helgeson, CTO Paul Vienneau and former chief revenue officer and current president of Paya Greg Cohen.

Monami, which also offers instant loans through its Lendme app, said it would use the funds to boost its sales and marketing efforts, move into new segments, expand in the Middle East and work towards profitability.

“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 Monami founder and managing director Ammar Atif.

“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.”

Atif said the firm had spent the last year investing in its product and expanding its management team, including the opening of a development centre in India’s Bangalore.

It is planning to expand across the GCC into markets including Bahrain and Saudi Arabia and has recently partnered with Al Hail Orix Finance to deploy its technology on a SAMA project, according to the announcement.