News · BFSI
Muscat-based mamun has closed a $3 million seed round led by Phaze Ventures to expand trade finance along the Gulf-Asia corridor, having facilitated nearly $20 million in financing since late 2023.
✦ AI SUMMARY 30-second read
- Seed round of $3 million led by Phaze Ventures through its Oman Fund, backed by Future Fund Oman; Abu Dhabi-based Jasoor Ventures also participated.
- mamun has financed more than 175 facilities for 84 businesses, including 78 Omani companies, since beginning operations in the fourth quarter of 2023.
- Around 40 per cent of the platform's trade finance activity by value is linked to Hong Kong, China's Greater Bay Area and mainland China.
Why it matters: Smaller Omani businesses gain faster access to working capital for Gulf-Asia trade at a time when Oman and China are deepening financial ties.
This summary was generated by AI. Editors may review and update it.
Omani financial technology company mamun has raised $3 million in seed funding to extend its trade finance operations between the Gulf and Asia. The round was led by Phaze Ventures through its Oman Fund, which is backed by Future Fund Oman, an investment vehicle of the Oman Investment Authority. Abu Dhabi-based Jasoor Ventures also took part, though the company did not disclose the individual contributions of each investor.
Founded in Muscat, mamun has facilitated nearly $20 million in financing since it began operations in the fourth quarter of 2023, supporting more than 175 facilities for 84 businesses, of which 78 are Omani companies.
What was announced
The new capital will be directed towards three areas: identifying potential trade finance transactions, improving artificial intelligence-based risk assessment, and strengthening post-financing monitoring and collection processes.
mamun established Mamun Hong Kong Limited in February to reinforce its position along the Gulf-Asia trade corridor. The company's Hong Kong team plans to attend the Asian Logistics, Maritime and Aviation Conference later this month to explore potential transactions.
How the platform works
mamun operates under the crowdfunding framework regulated by Oman's Financial Services Authority. Investors supply the capital for approved transactions, while mamun assesses and structures financing using Sharia-compliant arrangements.
Rather than relying primarily on a company's financial history, the platform evaluates individual transactions, examining purchase orders, buyers, shipping documents and previous dealings between trading partners. Co-founder and chief executive Saleh Al Tamami said financing decisions can be made within days once the required documents are complete.
Investors representing more than 55 nationalities across over 25 countries have participated in financing businesses through the platform. mamun also supplies the technology behind Iskan, Oman Housing Bank's digital financing platform, which has processed more than RO 400 million in housing financing.
The Gulf-China trade angle
Around 40 per cent of mamun's trade finance activity by value is linked to Hong Kong, China's Greater Bay Area and mainland China. Transactions are settled through Hong Kong-based financial institutions and businesses, with most involving Omani companies purchasing components or finished goods from Chinese suppliers for domestic distribution or re-export to Gulf markets.
Al Tamami pointed to the currency swap agreement between the Central Bank of Oman and the People's Bank of China as a potentially significant development for businesses trading between the two countries. He noted that a rial-renminbi line could over time address the settlement risk and foreign exchange costs that have historically pushed Oman-China trade through third currencies and third-country banks.
Al Tamami said the company intends to build on its Hong Kong presence to develop further business opportunities along the Gulf-Asia corridor.
