Muscat-based fintech startup mamun has secured $3 million in seed funding to scale its Shariah-compliant trade finance platform and expand its cross-border capabilities. Led by Phaze Ventures through its Oman Fund, with participation from UAE-based Jasoor Ventures, the investment will support the development of the firm’s AI-powered underwriting engine, which facilitates trade across the Greater Bay Area-Oman-UAE corridor.

Bridging the Global Trade Finance Gap

Founded in 2019 by Saleh Al Tamami, Mohammed Al Tamami and Ahmed Al-Issaei, mamun addresses a critical liquidity gap for small and medium-sized exporters. While the Asian Development Bank estimates the global trade finance gap at $2.5 trillion-with 41% of SME applications typically rejected-mamun provides an alternative by connecting businesses directly with investors. Operating under the Financial Services Authority’s crowdfunding framework, the platform offers a mechanism for companies to receive payment for exports while bridging the standard 60 to 90-day waiting period that traditional banks often struggle to finance.

AI-Native Infrastructure

mamun differentiates its service through an AI-native underwriting model that evaluates the health of specific transactions rather than relying solely on a borrower’s long-term financial track record. The platform’s engine assesses the trade itself, including the buyer, the underlying contract, shipping documents and historical trade data. This technical approach is crucial for navigating cross-border complexities, where transactions must span different regulatory and legal regimes. By automating this assessment, mamun allows for financing even when counterparties lack a shared commercial history.

Scaling the Greater Bay Area Corridor

The company maintains a deliberate cross-border structure to manage these flows, with entities in Muscat, Abu Dhabi and Hong Kong. This geography is integral to its business model, as roughly 40% of the platform’s settlements currently clear through Hong Kong-based financial institutions. As Oman’s non-oil export sector continues to grow, the need for agile financing becomes more pronounced. With this latest injection of capital, mamun aims to increase its capacity to originate and assess trade, positioning itself at the centre of the growing commercial ties between the Gulf and Asia.

Sources

Wamda · 2026-11-04