Oman’s mamun raises $3 million to expand Gulf–Asia trade financing

Oman-based fintech startup mamun announced on Wednesday that it has raised $3 million in seed funding, in a round led by Phaze Ventures through its Oman Fund, with participation from UAE-based Jasoor Ventures.

Founded in 2019 by Saleh Al Tamami, Mohammed Al Tamami, and Ahmed Al-Issaei, the Muscat-headquartered company operates a Sharia-compliant trade finance platform connecting businesses with investors to finance imports, exports, and working capital. The company is licensed and regulated under the Financial Services Authority's crowdfunding framework in Oman, whilst maintaining corporate entities in Abu Dhabi and Hong Kong.

The platform addresses liquidity gaps for exporters who typically wait 60 to 90 days to receive payment after shipping goods. Traditional banks frequently reject small and medium-sized exporters that lack lengthy financial track records, with Asian Development Bank data showing a global trade finance gap of $2.5 trillion and a 41% rejection rate for SME trade finance applications. mamun uses artificial intelligence to assess businesses, buyers, contracts, shipping documents, and past trading records, identifying and screening transactions as they form.

Cross-border trade operations present distinct operational hurdles by spanning two regulatory regimes, two banking systems, and two legal frameworks whilst collateral moves in transit. To manage these complexities, mamun established operations across the trade corridor, with roughly 40% of its trade finance settlements currently clearing through Hong Kong-based institutions and businesses. The platform seeks to support expanding bilateral flows, following a 10% rise in Oman's non-oil exports and a 13.6% increase in re-exports during the first seven months of 2026, where the UAE serves as Oman's largest non-oil trading partner.

Looking ahead, the company will use the seed funding to scale its AI-native trade origination and underwriting capabilities, increasing the volume of cross-border transactions it finances along the Greater Bay Area–Oman–UAE trade corridor.

Sources: Wamda, TNGlobal

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