Key Giveaways:
- Funding Secured: Dubai-based spend management platform Pemo raises $7 million in Pre-Series A funding to fuel growth and expansion.
- GCC Expansion: The funding will support Pemo’s expansion into new markets within the GCC, including Saudi Arabia.
- Product Innovation: Pemo will continue to innovate its product offerings, focusing on simplifying spend management and empowering businesses with greater financial control.
Dubai, UAE – Pemo, a leading spend management platform in Dubai, has announced securing $7 million in Pre-Series A funding. This investment will support the company’s continued growth and expansion across the GCC region, particularly in Saudi Arabia.
The funding round was co-led by Shorooq and Augmentum Fintech, recognizing Pemo’s strong performance and potential in the market. This comes after two years of exceptional growth for Pemo in the UAE, with the company achieving AED 1.4 billion in annualized transactions.
“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,” said Ayham Gorani, Co-Founder of Pemo.
Pemo simplifies spend management for businesses by offering corporate virtual and physical cards, along with automated tools that provide greater visibility and control over financial data. This empowers businesses to make informed decisions and streamline their operations, particularly in light of the recent introduction of corporate income tax in the UAE.
The platform also enables real-time analytics and AI-driven automated accounting, allowing companies to manage expenses more efficiently. Employees can set spending limits, match receipts, and track expenditures with ease.
“We want to help empower these businesses to grow by removing the headaches that drag them down,” added Gorani.
Augmentum Fintech, a key investor in the funding round, expressed confidence in Pemo’s potential to transform expense management and corporate payments.
“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,” said Tim Levene, CEO of Augmentum.
Pemo’s expansion into the GCC, particularly Saudi Arabia, aligns with the region’s growing demand for innovative and digitally-connected solutions. The company’s focus on simplifying spend management and empowering businesses positions it as a key player in the evolving fintech landscape.
