Muscat-based Mamun, an Oman-founded trade finance startup, said on November 4 that it raised a US$3 million seed round led by Phaze Ventures through its Oman Fund, with Jasoor Ventures also investing, to expand trade financing between the Gulf and Asia.

The startup said it uses AI to assess exporters, buyers, and trade documents.

Its Omani entity is licensed under Oman’s Financial Services Authority crowdfunding framework, formally set out in the regulator’s Rules for Crowdfunding Platforms.

That license does not cover mamun’s entities in Abu Dhabi and Hong Kong.

Citing the Asian Development Bank, mamun said the global trade finance gap stands at US$2.5 trillion.

It added that 41% of small and medium-sized enterprises’ trade finance applications are rejected.

The company said about 40% of its trade finance settlements clear through Hong Kong-based financial institutions and businesses.

It also said Hong Kong has strengthened fintech cooperation with Middle Eastern markets.

🔗 Source: mamun