Oman-based fintech Mamun secures $3 million in seed funding
Mamun has raised $3 million to expand its trade finance services, bridging capital gaps for businesses operating between the Gulf and Asia.
Muscat-based fintech startup Mamun has secured $3 million in a seed funding round led by Phaze Ventures through its Oman Fund, with participation from Jasoor Ventures. The capital will support the company's efforts to streamline trade finance flows between the Gulf region and Asia.
The firm utilizes artificial intelligence to assess trade documents and the creditworthiness of buyers and exporters. This technology addresses a significant market challenge; citing data from the Asian Development Bank, the company noted that the global trade finance gap is currently estimated at $2.5 trillion, with 41% of SME trade finance applications failing to secure funding.
While Mamun holds a crowdfunding license from Oman's Financial Services Authority, this authorization does not apply to its operations in Hong Kong and Abu Dhabi. Approximately 40% of the firm's current settlements are routed through Hong Kong, a financial hub that has increasingly strengthened fintech cooperation with Middle Eastern markets.