Pemo Raises $7 Million in Pre-Series A Funding Round Supported by Shorooq Partners
Pemo, the UAE-based fintech company, has successfully raised $7 million in a Pre-Series A funding round led by Shorooq Partners, with participation from Augmentum Fintech.
Earlier, the company raised $12 million in a Seed round, also led by Cherry Ventures and Shorooq Partners.
With this new funding, Pemo plans to enhance its services and expand into markets across the Middle East, North Africa, Afghanistan, and Pakistan, with plans to establish a presence in Saudi Arabia by the end of 2022.
Pemo is focused on accelerating its growth in the region, having seen significant expansion in its expense management platform for businesses.
The platform now handles an annual transaction volume of AED 1.4 billion, with over 4,000 companies currently using its system.
The company is also targeting expansion into larger markets within the Gulf Cooperation Council (GCC) countries, especially Saudi Arabia, which is rapidly transforming into a major tech hub with growing demand for digital and smart solutions.
Pemo’s expense management system is designed to improve efficiency by offering both virtual and physical cards for businesses, along with automated tools that provide full visibility and control over financial data.
This enables companies to make quicker, more informed decisions to fuel their growth.
To help businesses better manage their financial resources, Pemo’s corporate cards allow employees to set spending limits, match receipts, and track company expenses through real-time analytics and AI-driven automated accounting.
These advanced technologies help companies stay compliant and streamline their financial processes.
Founded in 2022, Pemo was created by a team of serial entrepreneurs and alumni of Rocket Internet and Google, including Ayham Gorani, Valeri Kundi, Alessandro Dori, and Saed Ghorani.
