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Mamun raises USD $3 million to back Gulf-Asia trade

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Mamun raises USD $3 million to back Gulf-Asia trade

Mamun has raised USD $3 million in seed funding in a round led by Phaze Ventures through its Oman Fund.

Jasoor Ventures also participated. The company will use the funding to expand its trade finance origination and underwriting activity along a corridor linking the Greater Bay Area, Oman and the UAE.

The Muscat-based company operates a Sharia-compliant platform focused on cross-border trade finance. It aims to address a gap faced by exporters and importers, which often wait 60 to 90 days for payment after goods are shipped, while many banks require a longer financial record than smaller businesses can provide.

Its system assesses both the trading company and the shipment, including the contract, buyer, trade documents and previous trading history between counterparties. The platform then connects investors to finance the period between shipment and payment.

The backdrop is a large shortfall in available trade finance, particularly for smaller companies. Citing Asian Development Bank figures, Mamun said the global trade finance gap stands at USD $2.5 trillion and that 41% of SME trade finance applications are rejected.

Cross-border transactions remain difficult to finance because they involve multiple regulators, banking systems and legal regimes, while collateral is tied to goods moving between jurisdictions. That complexity has kept many regional financing platforms focused on domestic markets.

Mamun has built its structure around that challenge, with Muscat as its regulated base and origination centre, Abu Dhabi as a base for Gulf capital and UAE-related flows, and Hong Kong SAR as a gateway for Greater Bay Area trade and financing links with the Gulf.


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