Dubai, UAE, 13 November 2024: Pemo, a leading spend management platform in the UAE, has announced a successful $7 million Pre-Series A funding round, marking a significant milestone in its journey. This investment comes after the platform reached AED 1.4 billion in annualized transactions, underlining its rapid growth and success. Co-led by Shorooq and Augmentum Fintech, this funding will support Pemo’s product innovation and expansion into key GCC markets, including Saudi Arabia.
Pemo’s platform provides businesses with corporate virtual and physical cards, automated expense management tools, and real-time analytics to track and control spending. Over 4,000 companies currently use the platform, which has been designed to simplify financial operations, improve decision-making, and ensure compliance, particularly with the recent introduction of corporate income tax in the UAE.
With its cutting-edge technology, Pemo empowers businesses to set spending limits, match receipts, and leverage AI-driven tools for automated accounting. These features enhance operational efficiency and offer full visibility and control over company finances. The funding will help the company refine its product offerings and solidify its presence in new regional markets.
Co-founded by seasoned entrepreneurs Ayham Gorani, Valerie Konde, Alessandro Duri, and Saed Ghorani, Pemo is set to further its mission of simplifying expense management and driving business growth. The company’s rapid growth is attributed to the UAE’s business-friendly ecosystem, which has provided an ideal environment for innovation.
With the support of experienced investors, including Tim Levene from Augmentum Fintech and Dr. Bilal Baloch from Shorooq, Pemo is positioned to continue disrupting the spend management space, accelerating its expansion, and delivering even more value to its customers in the years to come.
