Omani Mamun Raises $3 Million to Expand Trade Financing Between the Gulf and Asia

• The Omani startup Mamun, specializing in financial technology, has raised $3 million in a seed funding round led by Phaze Ventures through its Oman fund, with participation from UAE's Jasoor Ventures.
• Founded in 2019 by Saleh Al-Tamami, Mohammed Al-Tamami, and Ahmed Al-Essaie, the company is based in Muscat, Oman, with subsidiaries in Abu Dhabi and Hong Kong. It provides a Sharia-compliant platform that connects businesses with investors for financing exports, imports, and working capital needs.
• The platform operates under a license from the Financial Services Authority of Oman within the framework of crowdfunding, utilizing artificial intelligence to assess the creditworthiness of companies and analyze contracts, buyers, commercial documents, and transaction records. Approximately 40% of trade finance settlements are executed through financial institutions and companies based in Hong Kong.
• Mamun will use the funding to enhance its capabilities in deal sourcing and risk assessment using artificial intelligence, increasing the volume of trade transactions it can finance through the trade corridor linking the Greater Gulf region with Oman and the UAE.

Press Release:

Mamun, the Sharia-compliant platform building the infrastructure for capital in trade finance, announced the completion of a $3 million seed investment round led by Phaze Ventures through its Oman fund, with participation from Jasoor Ventures.

The exporter in Muscat ships his goods today and receives payment after 60 to 90 days. Banks rarely fill this gap, as they typically rely on a long financial record that many small exporters find difficult to provide. The Asian Development Bank estimates the global trade finance gap at around $2.5 trillion, with 41% of trade finance applications from small and medium-sized enterprises being rejected.

Mamun's AI-based credit assessment system evaluates the company behind the deal alongside the shipment itself: the contract, the buyer, the commercial documents, and the transaction history between the parties. The deal sourcing engine tracks and examines the deal from the moment it is formed. Investors on the platform then finance this gap.

The most challenging aspect is cross-border trade. Cross-border transactions pass through two regulatory bodies, two banking systems, and two legal systems, and must be settled in another jurisdiction on time, while the collateral is in transit, accompanying the goods along the way.

This complexity is what has kept most financing platforms in the region local, and it is also what constitutes Mamun's competitive advantage. The platform has been built along the corridor: a headquarters regulated by the Financial Services Authority and a deal sourcing base in Muscat; Abu Dhabi for Gulf capital and UAE flows; and Hong Kong, the financing gateway for the Belt and Road Initiative, for the Greater Gulf region (Guangdong - Hong Kong - Macau) and trade routes between the Gulf and Asia.

Today, approximately 40% of trade finance settlements on the platform are conducted through financial institutions and companies based in Hong Kong.

Mamun's license falls under the crowdfunding framework of the Financial Services Authority in Oman, which allows the platform to attract investors from within and outside the Sultanate and finance companies inside and outside the Sultanate, according to the eligibility criteria established by the platform and the laws applicable in each investor's country.

The corridor is growing. Oman's non-oil exports rose by about 10% year-on-year during the first seven months of 2026, and re-exports increased by 13.6%, with the UAE being Oman's largest trading partner in non-oil trade. With new corridors come new parties: companies dealing together for the first time, without a shared record that the financier can rely on to assess risks.

The round raises capital from Oman and the UAE: Phaze Ventures invests through its Oman fund, dedicated to local Omani companies supported by artificial intelligence, while Jasoor Ventures is an early-stage venture capital firm supporting technology company founders in the Middle East, North Africa, and Turkey.

The proceeds of the $3 million round will be used to expand deal sourcing and AI-based credit assessment capabilities, increasing the volume of trade that the platform can attract, assess, and finance along the Greater Gulf - Oman - UAE corridor. This is where the sector is heading; a survey by the Asian Development Bank published in January 2026 showed that 84% of the banks surveyed are already applying artificial intelligence to trade finance risks. Mamun has been built this way from the deal sourcing stage.

"Companies that move goods between the Gulf and Asia are growing faster than the financing behind them. We built Mamun in Muscat, under the umbrella of Omani regulation, to serve trade along the corridor between the Gulf and Asia. This round expands that engine --- and the corridor it serves."

--- Saleh Al-Tamami · Co-founder and CEO, Mamun

"Our thesis is to support local companies that are transforming the economic diversification agenda in Oman into a regional infrastructure. Mamun is exactly that: structured across the corridor, built by a team that executed quietly and precisely. It is a natural commitment from the Oman fund."

--- Abdullah Al-Shakhsi · Co-founder and CEO, Phaze Ventures

Mamun was founded by Saleh Al-Tamami (Co-founder and CEO), Mohammed Al-Tamami (Co-founder and Chief Commercial Officer), and Ahmed Al-Essaie (Co-founder and Chief Technology Officer), and was ranked as a "Rising Star" in Deloitte's list of the 50 fastest-growing technology companies in the Middle East for 2025, coming in at 26th place.

Mamun builds the capital infrastructure for trade finance. The platform is Sharia-compliant, licensed, and regulated by the Financial Services Authority of Oman (License No. CMI051). This license covers the Omani entity only, and the group also has entities in Abu Dhabi and Hong Kong. The platform connects businesses with investors to finance cross-border trade: exports, imports, and working capital that moves goods between markets.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.