Oman-based fintech startup mamun has secured $3 million in seed funding, led by Phaze Ventures through its Oman Fund, with additional participation from UAE-based Jasoor Ventures. The investment aims to bolster mamun’s capabilities in trade financing, specifically along the Greater Bay Area–Oman–UAE trade corridor.
Founded in 2019 by Saleh Al Tamami, Mohammed Al Tamami, and Ahmed Al-Issaei, mamun operates a Shariah-compliant trade finance platform that connects businesses with investors to facilitate imports, exports, and working capital. The company is headquartered in Muscat, Oman, and maintains operations in Abu Dhabi and Hong Kong.
Licensed and regulated by Oman’s Financial Services Authority, mamun utilizes AI-driven underwriting to assess various factors related to trade, including businesses, buyers, contracts, shipping documents, and trading histories. Approximately 40% of the platform’s trade finance settlements are handled through institutions based in Hong Kong.
The recent funding will enhance mamun’s use of AI in trade origination and underwriting, expanding its ability to finance cross-border transactions and address the significant trade finance gap highlighted by the Asian Development Bank, which estimates the global need at $2.5 trillion.
Saleh Al Tamami, co-founder and CEO of mamun, emphasized the importance of this investment, stating, “The businesses moving goods between the Gulf and Asia are growing faster than the financing behind them. We built mamun in Muscat, under Omani regulation, to serve trade along the corridor between the Gulf and Asia. This round scales that engine — and the corridor it serves.”
Phaze Ventures, through its Oman Fund, focuses on supporting Omani businesses that employ AI solutions. Abdullah Al Shaksy, co-founder and CEO of Phaze Ventures, noted that mamun aligns with their mission to enhance regional infrastructure, stating, “Our thesis is backing the homegrown companies that turn Oman’s diversification agenda into regional infrastructure.”
mamun has been recognized for its rapid growth, notably ranking 26th among Deloitte’s Technology Fast 50 Middle East 2025 Rising Stars. The influx of capital is expected to further develop mamun’s capacity to underwrite and finance trade activities across the Gulf and Asia regions, tapping into emerging opportunities as cross-border transactions increase.
The funding underscores a growing cooperation between Omani and UAE investors, promoting enhanced trade facilitation in a region where regulatory and banking complexities often pose challenges. mamun aims to navigate these complexities effectively, leveraging its established presence in key markets.
