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.

Trade gap

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. About 40% of its trade finance settlements already clear through Hong Kong-based financial institutions and businesses, according to the company.

Mamun operates under the Financial Services Authority of Oman crowdfunding framework. The company said this allows it to bring in investors from inside and outside Oman and to finance companies inside and outside the Sultanate, subject to eligibility criteria and the laws in each investor's home market.

Corridor focus

The fundraising comes as trade flows through Oman continue to rise. Mamun said Oman's non-oil exports were about 10% higher year on year in the first seven months of 2026, while re-exports rose 13.6%. The UAE remained Oman's largest non-oil trading partner.

The company argues that new trade routes also create new financing challenges because businesses may be dealing with overseas counterparties for the first time, leaving lenders with little prior history on which to base a decision.

The fresh capital will be used to scale Mamun's underwriting and origination systems, with the aim of increasing the volume of trade the platform can identify, assess and finance across the Gulf-Asia route. It also pointed to a broader shift in banking towards AI-based risk analysis in trade finance, citing an Asian Development Bank survey that found 84% of banks already use AI in this area.

Mamun was founded by Saleh Al Tamami, Co-Founder and Chief Executive Officer; Mohammed Al Tamami, Co-Founder and Chief Commercial Officer; and Ahmed Al-Issaei, Co-Founder and Chief Technology Officer. The company was also named a Rising Star in the Deloitte Technology Fast 50 Middle East 2025, where it ranked 26th.

"The businesses moving goods between the Gulf and Asia are growing faster than the financing behind them. We built Mamun in Muscat, under Omani regulation, to serve trade along the corridor between the Gulf and Asia. This round scales that engine - and the corridor it serves," Saleh Al Tamami said.

Abdullah Al Shaksy, Co-Founder and Chief Executive Officer of Phaze Ventures, said: "Our thesis is backing the homegrown companies that turn Oman's diversification agenda into regional infrastructure. Mamun is exactly that - structured across the corridor, and built by a team that has executed quietly and precisely. It is a natural commitment from the Oman Fund."