The full total series A round is expected to raise over USD 3 million and will close over the next 90 days. The lead investor is PGH Holdings, an investment vehicle led by American payments innovator Henry Helgeson, the Founder and CEO of Cayan. Aiming to reinforce current operations and capabilities in the region, Monami Tech will be using this cross-border investment to ramp up sales and marketing efforts as expansion plans in the Middle East gain momentum.
According to Monami Tech officials, the last year was spent primarily in investing in product development and building the management team, including opening up a development center in Bangalore, India. In addition to expanding its sales team, product development and launching into new segments for instant lending and exploring new verticals such as health care and automotive, are high on the agenda.
Monami Tech is also planning to announce expansion across the GCC, including Bahrain and Saudi Arabia in the near future. The company recently announced its partnership with Al Hail ORIX Finance PSC for the deployment of its technology for SAMA’s business and consumer lending project. – TradeArabia News Service
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