Pemo, a leading Dubai-based spend management platform, recently announced securing $7m in Pre-Series A funding.
Following two years of exceptional growth in the UAE, Pemo reached a milestone with AED 1.4bn in annualised transactions. This success underscores its commitment to outstanding customer service and positions it as a key player in the region.
The funding round, co-led by Shorooq and Augmentum Fintech, comes as Pemo aims to innovate further in its product offerings and deliver unparalleled value to its customers. These investments are crucial as the company eyes expansion into broader markets within the GCC, particularly Saudi Arabia, an emerging technology hub with a robust demand for smart, digitally-connected solutions.
Pemo simplifies spend management by offering corporate virtual and physical cards along with automated tools. These solutions ensure full visibility and control over financial data, empowering businesses to make swift, informed decisions that fuel growth. The recent addition of corporate income tax in the UAE makes these services especially valuable, aiding businesses in maintaining compliance and streamlining operations.
With its platform, Pemo enables companies to manage expenses efficiently, allowing for real-time analytics and AI-driven automated accounting. This advanced technology facilitates better control over finances by letting employees set limits, match receipts, and track expenditures.
Ayham Gorani, Co-Founder of Pemo, shared, “We’ve been on a mission to help businesses save time and money by simplifying expense management and empowering teams to make responsible purchasing decisions. The UAE’s thriving ‘pro-business’ ecosystem has been the perfect foundation for Pemo’s growth, and we’re excited to strengthen our presence further, enhance our product offering, and expand into new markets.”
“We want to help empower these businesses to grow by removing the headaches that drag them down. Having the backing of our incredible investors, who bring a wealth of industry and market knowledge to the fore, will support our expansion and deliver even greater value to our customers.”
Tim Levene, CEO of Augmentum, echoed these sentiments, “With our extensive expertise and network in the fintech sector, we are excited to support Pemo as they embark on this next phase, unlocking the market’s vast potential through transforming expense management and corporate payments, and accelerating the growth of SMEs on a global scale.”
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
