UAE-based Pemo, which offers an all-in-one spend management solution to businesses in the region, has scored $12m in funding.
The round was co-led by Cherry Ventures and Shorooq Partners, with participation also coming from FinTech Collective, Speedinvest, BY Venture Partners and Antler. Also joining the round were several business angels, including founders of Nium, Payhawk, Qonto, Billie and Moss.
The FinTech company supports businesses across the Middle East, North Africa and Pakistan.
Its platform is tailored to SMEs needs and currently offers digitised invoices, automated approval flows, one-click invoice payments and real-time cash flow monitoring.
Upcoming features include physical and virtual prepaid cards that can be topped up and distributed to employees. With an integration with the Pemo app, the prepaid card will automatically categorise employee expenses, capture receipts for each transaction and offer businesses owners full visibility of spending.
The company was founded by serial entrepreneurs, and Rocket Internet and Google alumni, Ayham Gorani, Valerie Konde, Alessandro Duri, and Saed Ghorani.
Pemo co-founder and CEO Ayham Gorani said, “We’re operating in a region where more than 90% of businesses are SMEs, many of which rely heavily on multiple platforms, processes and entities to manage their corporate spending, creating a number of challenges, such as irregular expense reports and high costs.
“This is exactly the day-to-day friction we are removing by combining all spend management functions in one hub. Ultimately, this helps businesses to save money and time, while empowering team members to make purchasing decisions quickly and responsibly.”
Following its launch in the UAE, Pemo hopes to establish operations in Saudi Arabia by the end of the year. It will then expand into Egypt and Pakistan.
Last month, fellow UAE-based FinTech company QFIL Solutions closed its pre-seed funding round. The company, which raised the money to aid its launch, offers an AI engine to help investors, institutions and traders maximise gains and lower risks.
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