Pemo, a Dubai-based spend management platform, has secured a $7 million pre-Series A funding round to continue its growth in the region.
The startup will use the funding to evolve its product and deliver enhanced customer experience and value, anchoring its expansion plans in the GCC region, including Saudi Arabia.
According to a press release, investors Shorooq Partners and Augmentum Fintech led the fundraising transaction for Pemo.
Founded in 2022, the platform achieved a milestone moment of reaching $1.40 billion in transactions.
The platform enables businesses to gain better control of their finances, as its corporate cards allow employees to set limits, match receipts, and track company spending through real-time analytics and AI-driven automated accounting.
This advanced technology helps businesses streamline operations, especially with the recent introduction of corporate income tax in the UAE.
Ayham Gorani, Co-Founder of Pemo, explained: “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.”
Bilal Baloch, Partner at Shorooq, commented: “We are looking forward to supporting Pemo during its next phase of growth as it enters dynamic new markets and accelerates fast and cost-effective decision-making for SMEs.”
