Omani fintech startup mamun has secured $3 million in seed funding to expand its AI-powered trade finance platform, helping businesses access working capital across the Gulf and Asian markets.
An exporter can ship goods to an international buyer today and wait another 60 to 90 days to receive payment. For smaller businesses, that waiting period can create a serious financial challenge, particularly when they need money to pay suppliers, manage inventory or fulfil their next order.
Oman-based fintech startup mamun is building a solution around this problem. The company has raised $3 million in a seed funding round to expand its Shariah-compliant trade finance platform, which connects businesses seeking financing with investors willing to fund verified commercial transactions.
The round was led by Phaze Ventures through its Oman Fund, with participation from UAE-based Jasoor Ventures. The investment will support the company’s expansion along the trade corridor connecting China’s Greater Bay Area, Oman and the United Arab Emirates.
Addressing a Financing Gap in International Trade
Access to working capital remains one of the major challenges facing small and medium-sized businesses involved in international trade. Unlike larger corporations, smaller exporters may not have the financial history, collateral or established banking relationships required to secure conventional trade financing.
The scale of this challenge is significant. According to the Asian Development Bank (ADB), the global trade finance gap reached approximately $2.5 trillion in 2025. Its research also found that 41% of trade finance applications from small and medium-sized enterprises were rejected.
For a business waiting months to receive payment after delivering an order, the consequences can extend beyond a single transaction. Delayed payments can restrict purchasing capacity, slow expansion and prevent companies from accepting new orders.
mamun is targeting this gap by providing financing against individual trade transactions rather than relying exclusively on a company’s overall financial history. Its platform evaluates the commercial activity behind a transaction and connects eligible businesses with investors who can provide the required capital.
How mamun Uses AI to Assess Trade Transactions
Founded in 2019, mamun was established by Saleh Al Tamami, Mohammed Al Tamami and Ahmed Al-Issaei. The company is headquartered in Muscat, Oman, with additional entities in Abu Dhabi and Hong Kong.
Its platform focuses on financing imports, exports and working capital requirements. Rather than assessing a business solely through its balance sheet, mamun’s technology examines the underlying transaction, including purchase orders, contracts, buyers, shipping documents and the trading history between the parties.
Artificial intelligence plays an important role in this process. Its underwriting technology helps assess the businesses involved, evaluate transaction documents and identify potential risks before financing is arranged.
This approach is particularly relevant to companies entering new international markets, where buyers and suppliers may have little or no previous trading history.
By analysing the transaction itself, mamun aims to help investors make more informed financing decisions while giving businesses another route to access working capital.
Building a Trade Finance Network Across Three Markets
Cross-border financing involves more than connecting a business with an investor. Transactions often pass through different regulatory environments, banking systems and legal jurisdictions, making payments, documentation and risk management more complicated.
mamun has structured its operations around three important markets to address these challenges.
Muscat serves as its headquarters and primary origination base under Oman’s Financial Services Authority regulatory framework. Abu Dhabi provides access to Gulf-based capital and UAE trade activity, while Hong Kong connects the platform with financial institutions and businesses operating across the Greater Bay Area and wider Asian markets.
According to the company, approximately 40% of its trade finance settlements are processed through Hong Kong-based institutions and businesses.
The expansion also reflects the growing commercial relationship between the Gulf and Asian markets. Oman has been strengthening its position as a regional trade and logistics hub, while businesses across the region continue to develop supply chains and commercial partnerships with China and other Asian economies.
For mamun, connecting these markets creates opportunities to finance transactions that might otherwise struggle to secure suitable working capital.
Nearly $20 Million in Financing Facilitated Since Launch
The latest funding announcement comes as mamun reports growing activity across its platform.
According to information shared by co-founder and CEO Saleh Al Tamami with Oman Observer, the company has facilitated nearly $20 million in financing since beginning operations in the fourth quarter of 2023.
During this period, it has financed more than 175 facilities for 84 businesses, including 78 Omani companies.
The platform has also attracted international participation. According to Al Tamami, investors representing more than 55 nationalities across over 25 countries have participated in financing businesses through mamun.
These figures offer a closer look at the company’s progress beyond its latest investment round. Its business model is built around individual financing transactions, allowing investors to participate in commercial activity while businesses receive capital to support their operations.
mamun also provides technology for Iskan, Oman Housing Bank’s digital housing finance platform. Al Tamami told Oman Observer that Iskan had processed more than OMR 400 million in housing financing, with the bank providing the financing and mamun supplying the underlying technology.
Who Invested in mamun’s $3 Million Seed Round?
The $3 million seed round brings together investors from Oman and the UAE.
The investment was led by Phaze Ventures through its Oman Fund, which focuses on supporting homegrown Omani businesses developing technology-driven solutions. Phaze Ventures has been active in the region’s early-stage investment ecosystem, backing companies working across technology and deeptech sectors.
Jasoor Ventures, an Abu Dhabi-based venture capital firm, also participated in the round. The firm invests in early-stage technology businesses across the Middle East, North Africa and Türkiye.
The participation of both investors reflects interest in financial infrastructure that can support trade and business activity across regional markets.
mamun was also recognised as a Rising Star in Deloitte’s Technology Fast 50 Middle East 2025, ranking 26th in the programme.
What Comes Next for mamun?
The new capital will be directed towards strengthening three key areas of the business: identifying more financing opportunities, improving its AI-powered underwriting capabilities, and enhancing the monitoring and collection processes that follow funded transactions.
The company also plans to increase its capacity to finance cross-border trade along the Greater Bay Area, Oman and UAE corridor.
Oman’s expanding non-oil trade activity provides an important backdrop for this strategy. Non-oil exports increased by approximately 10.7% during the first seven months of 2026, while re-exports grew by 13.6%, according to figures reported from the country’s National Centre for Statistics and Information. The UAE remained Oman’s largest destination for non-oil exports during this period.
As more businesses enter international markets, the need for accessible financing, reliable transaction assessment and efficient payment systems is likely to remain important.
For mamun, the opportunity extends beyond providing capital to individual exporters. Its longer-term ambition is to build financial infrastructure that makes cross-border trade easier to finance, assess and manage.
With its latest $3 million investment, the Omani fintech is taking another step towards connecting businesses, investors and commercial opportunities across the Gulf and Asia.
