mamun raises $3M seed led by Phaze Ventures to finance Gulf-Asia trade

mamun has raised a $3 million seed round led by Phaze Ventures through its Oman Fund, with Jasoor Ventures participating.

Founded in 2019 and based in Muscat, with entities in Abu Dhabi and Hong Kong, mamun runs a Shariah-compliant trade finance platform that connects businesses with investors to finance imports, exports and working capital. It is licensed by Oman's Financial Services Authority under its crowdfunding framework. Saleh Al Tamami is co-founder and CEO, Mohammed Al Tamami co-founder and Chief Commercial Officer, and Ahmed Al-Issaei co-founder and CTO.

Its underwriting uses AI to assess the business, the buyer, the contract, shipping documents and trading history. According to mamun, about 40% of trade finance settlements clear through Hong Kong-based institutions and businesses. The Asian Development Bank estimates the global trade finance gap at $2.5 trillion.

The funds expand origination and underwriting along the Greater Bay Area, Oman and UAE corridor.