News

Facebook Is Working On A Smartwatch With Messaging & Health-Tracking Capabilities

Published

3 years ago

February 16, 2021

As part of its ongoing quest to dominate our lives, Facebook is working on a smartwatch with messaging and health-tracking capabilities, informed The Information on Friday.

The smartwatch will reportedly run on the Android operating system, but it’s unclear whether if Facebook decides to use the established Wear OS platform or release the smartwatch with its own flavor of Android.

In any case, Facebook’s smartwatch will focus heavily on messaging and health-tracking, presumably featuring lightweight versions of the social network’s family of services, including not only Facebook but also Instagram and WhatsApp.

Because the smartwatch will have a built-in eSIM card, it won’t have to be tethered to a smartphone to access the internet, a feature that’s guaranteed to appeal to all fitness users, especially if it delivers integrations with products from companies like Peloton.

The release of the Facebook smartwatch won’t be the company’s first push into other market segments. For example, Facebook’s Oculus VR headsets are among the most popular products of their kind, boasting a thriving ecosystem that’s home to some of the most innovative virtual reality experiences currently available.

As such, the biggest obstacle standing in Facebook’s way to success likely won’t be its ability to create an attractive product but its poor reputation among consumers and regulators, neither of which might not be thrilled by the idea of the company having access to users’ health data 24×7.

Also Read: Apple Likely To Release 8K VR Headset In 2022

Of course, Portal, a standalone video chat device released by Facebook that sparked similar privacy concerns, is still selling well, so it seems that many consumers are still willing to sacrifice their privacy if it means getting their hands on an attractive product.

While the first generation of the Facebook smartwatch will probably play it safe, future generations could benefit from Facebook’s acquisition of the neural interface startup CTRL-Labs in 2019, which specializes in building wireless input mechanisms.

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

2 days 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.