mamun, a Sharia-compliant trade finance platform, has raised $3 million in a seed round led by Phaze Ventures through its Oman Fund, with participation from Jasoor Ventures.
In a statement on Wednesday, mamun said the funds will scale its artificial intelligence (AI)-based origination and underwriting along the corridor between the Greater Bay Area, Oman, and the UAE.
mamun can finance the gap between shipment and payment for exporters. An exporter in Muscat that ships today may not be paid for 60-90 days, while banks often refuse to bridge that gap because small exporters lack long financial track records. The Asian Development Bank (ADB) estimates that the global trade finance gap isS$2.5 trillion and 41 percent of SME trade finance applications are rejected.
Its platform assesses the company behind each trade, along with the shipment, the contract, the buyer, the trade documents, and the history between the parties. It then lists the trade for investors on the platform. The company says its origination engine finds and screens trades as they form.
mamun says cross-border trade is harder because it spans two regulators, two banking systems, and two legal regimes. Its response has been to build an operation across the corridor.
The company’s home base and origination operations are in Muscat, under the Financial Services Authority’s crowdfunding framework, while it has entities in Abu Dhabi and Hong Kong. The company says about 40 percent of its trade finance settlements already clear through Hong Kong-based institutions and businesses.
The company’s licence allows it to bring in investors from inside and outside Oman and to finance businesses in both places
The company cites Oman’s non-oil exports, which rose about 10 percent in the first seven months of 2026, and re-exports, which rose 13.6 percent, with the UAE as Oman’s largest non-oil trading partner.
Phaze Ventures, founded in 2018, is Oman’s oldest private venture capital firm, and invests through its Oman Fund in homegrown, AI-enabled Omani businesses. Jasoor Ventures is an ADGM-based venture capital firm investing across the Middle East, North Africa and Turkey.