News

Dubai-Based Startup Alfii Raises $2.5 Million In Seed Funding

The significant investment will be used to build new engineering solutions for the company’s FinTech-powered human resource automation platform.

Published

1 year ago

July 6, 2023

Nour Nasir

Alfii

After launching in November 2022, Dubai-based startup Alfii has raised $2.5 million in pre-seed funding as the company seeks to expand its team and develop its product offering.

Alfii is a cloud-based HR automation platform where users can set up a company profile, invite employees, and begin managing documents, employee data, payroll, and more.

The latest funding round was overseen by US-based venture capital company Preface Ventures, as well as Dubai-based Aditum Ventures, Kayan Ventures, and Wayfinders.

“With Alfii’s all-in-one software suite, companies will be able to better understand and manage their human capital resources while improving the user experience for employees with features like digital-to-cash remittances, benefits selection,” says Farooq Abbasi, general partner of Preface Ventures.

With funding now secured, Alfii plans to build a suite of payroll features to provide users with “smarter, faster ways to manage payroll and salary disbursements, drastically simplifying a process that is typically tedious and time-consuming for HR owners,” the company explained.

Also Read: Saudi Arabia’s NOMU Secures $5 Million For Expansion Plans

“We are looking to build the next generation of this product class, and we are building it entirely in-house – which means we need to bring on world-class talent to grow our business and better serve our customers,” added Yousef Albarqawi, Alfii co-founder and chief executive.

The tech startup plans to gradually introduce a whole suite of new features for HR processes, including onboarding, time-tracking, and leave management. Eventually, the Alfii platform will cover the entire employee life cycle.

Since its launch, more than 250 businesses have signed up to Alfii in the MENA region. Customers are currently spread across countries, including Egypt and Saudi Arabia, with the UAE comprising the bulk of the customer base.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.