News

Payment Experts Payrails Team With Ride Hailing App inDrive

The partnership solves the complexities of integrating various regional payment service providers into the global mobility service.

Published

2 months ago

May 22, 2024

Nour Nasir

Payrails

Payment platform Payrails has announced a strategic collaboration with inDrive, the world’s second-most-downloaded ride-hailing app. The partnership is already helping the California-based inDrive overcome the complexities of integrating various payment service providers and alternative payment methods across different regions, including MENA.

Payrails’ solution is provider agnostic, and features dynamic payment routing, and extended coverage of alternative (regional) payment methods. The technology is complex, but the main takeaway is that inDrive has already seen an 11% increase in card approval rates and significantly boosted conversions, enhancing profits for inDrive and improving income security for its workers.

Payrails also delivers a streamlined experience for inDrive’s developers by offering a single API (application programming interface) eliminating the need for multiple individual integrations with different regional payment providers and payment methods.

Vasiliy Everstov, Head of Fintech at inDrive, expressed enthusiasm about the results, stating: “Partnering with Payrails empowers us to activate all of our key payment objectives for the business across our top priority markets. Together, we are driving tech innovation in the mobility industry and unlocking new opportunities for drivers and consumers alike”.

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

Orkhan Abdullayev, Co-Founder and CEO of Payrails echoed this sentiment, remarking, “Collaborating with inDrive to revolutionize global payment processing underscores our commitment to providing innovative solutions in the MENA region and beyond that address the evolving needs of large enterprises. Our aim is to set new benchmarks of excellence for payment solutions across key industries worldwide”.

Through the collaboration, inDrive can now access and automate the optimal payment routes in each market at the lowest cost, driving efficiency and profitability in a highly competitive sector.

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.