- Pemo secured $7 million in pre-Series A funding, with plans to expand into GCC markets, including Saudi Arabia, and enhance its spend management platform.
- The platform has processed Dh1.4 billion in annualized transactions and serves over 4,000 companies with its corporate cards and automated financial tools.
- Co-founded by experienced entrepreneurs, Pemo focuses on simplifying expense management, enabling better financial control, and empowering business growth.
- Backed by prominent investors, including Shorooq and Augmentum, Pemo aims to transform expense management for SMEs and drive economic growth across the Middle East.
Pemo, the Dubai-based spend management platform, has successfully secured $7 million (Dh25.7 million) in its pre-Series A funding round. This investment highlights the strong potential Pemo has to disrupt and transform the spend management landscape in the region.
The company, which has already achieved significant success in the UAE, is set to use this funding to propel its growth even further and expand its offerings across the GCC.
The news of the funding comes after Pemo’s impressive achievement of processing Dh1.4 billion in annualized transactions. This milestone serves as proof of the company’s ability to deliver exceptional value and service to its customers.
Pemo aims to continue innovating its product offerings and improving the customer experience, which has been central to its rapid success.
A Vision for Expansion and Innovation
With the backing of key investors, including Shorooq and Augmentum Fintech, Pemo is poised to broaden its reach beyond the UAE. The company is targeting expansion into other GCC markets, with Saudi Arabia being a key focus.
As Saudi Arabia continues to emerge as a major technology hub in the region, Pemo is capitalizing on the growing demand for smart, digitally connected financial solutions.
Pemo’s platform provides businesses with corporate virtual and physical cards, alongside automated tools that offer real-time visibility and control over company expenses. These tools enable businesses to make informed, data-driven decisions that accelerate growth. The company’s approach has already earned the trust of over 4,000 companies, all of whom rely on Pemo’s cutting-edge software to manage their financial operations.
Founders with Proven Track Records
Pemo was co-founded by a team of seasoned entrepreneurs, including Ayham Gorani, Valerie Konde, Alessandro Duri, and Saed Ghorani. The founding team brings with them years of experience from some of the world’s most well-known companies, including Rocket Internet and Google. Collectively, the team has launched or scaled over eight ventures in the past 15 years, including notable successes such as Zalora and Pleo.
Ayham Gorani, one of Pemo’s co-founders, emphasized the company’s mission to help businesses save both time and money by simplifying expense management. Gorani noted that the UAE’s thriving, pro-business ecosystem has provided an ideal foundation for Pemo’s rapid growth.
With the new funding, Pemo is now positioned to strengthen its product offerings and explore additional markets, further empowering businesses to make smarter financial decisions.
Revolutionizing Expense Management for Businesses
Pemo’s platform empowers businesses to streamline their financial processes by offering corporate cards that provide employees with set spending limits, automated receipt matching, and real-time expense tracking.
These features, backed by advanced AI technology, ensure that companies can remain compliant with regulations while maintaining full visibility over their spending.
In the UAE, where the introduction of corporate income tax has made compliance more critical than ever, Pemo’s tools offer businesses a practical solution for navigating these changes.
With Pemo’s real-time analytics and automated accounting capabilities, companies can more easily manage their expenses and ensure they remain compliant with tax regulations.
Investor Confidence in Pemo’s Future
Pemo’s funding round was co-led by Shorooq and Augmentum Fintech, two investors with significant experience in the fintech industry. Tim Levene, CEO of Augmentum, highlighted the opportunity Pemo represents in the rapidly growing fintech sector.
Levene believes that Pemo is well-positioned to drive economic growth across the Middle East and play a pivotal role in the transformation of expense management and corporate payments.
Levene also noted the importance of supporting the growth of SMEs in the region. Pemo’s solutions are designed to help small and medium-sized enterprises make fast, cost-effective decisions, ultimately contributing to the acceleration of business growth. By enabling smarter financial management, Pemo is helping to level the playing field for SMEs, empowering them to scale faster and more efficiently.
A Team Driven by Innovation and Expertise
Since its inception, Pemo has expanded its team to over 60 professionals, many of whom hail from leading global tech companies. This diverse team is driving the company’s rapid growth and innovation, ensuring that Pemo remains at the forefront of the spend management space.
The company’s focus on hiring top talent has allowed it to continue refining its platform and adapting to the needs of its customers.
The recent round of funding follows Pemo’s initial seed round in April 2022, when the company raised $12 million. This seed round was co-led by Cherry Ventures and Shorooq, with additional participation from FinTech Collective, Speedinvest, BY Venture Partners, Antler, and several private investors.
The strong investor backing from the start has underscored Pemo’s ambitions to become a key player in the spend management market, with a clear goal to disrupt the traditional financial services industry.
A Bright Future for Pemo
The latest round of funding marks a significant step in Pemo’s journey, but the company’s ambitions extend far beyond this milestone. With the support of its investors and a talented team behind it, Pemo is set to make a lasting impact on the way businesses manage their finances across the Middle East and beyond.
The company’s focus on simplifying expense management, empowering businesses to make smarter purchasing decisions, and ensuring regulatory compliance is already resonating with thousands of companies.
With its platform continuously evolving to meet the demands of a rapidly changing financial landscape, Pemo is on track to become a cornerstone of financial innovation in the region.
By combining cutting-edge technology, a customer-centric approach, and a proven team of experts, Pemo is poised to lead the way in revolutionizing expense management for businesses of all sizes. As the company continues to scale and expand into new markets, the future looks bright for both Pemo and the businesses it serves.
Looking Ahead
Pemo’s recent success in securing $7 million in pre-Series A funding marks an exciting chapter in the company’s journey. With plans for regional expansion, continued product innovation, and a focus on empowering businesses through smarter financial management, Pemo is well-positioned to drive significant change in the spend management industry.
As the company looks to the future, it remains committed to helping businesses thrive by providing the tools they need to make better financial decisions and achieve long-term growth.
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Last Updated on November 15, 2024 by Safiya K
