Dubai-based spend management platform Pemo announced raising $7 million in a Pre-Series A funding round.
The investment comes as the company seeks to accelerate its growth in the Gulf Cooperation Council (GCC) region, including plans to expand into Saudi Arabia.
The funding round was co-led by investors Shorooq Partners and Augmentum Fintech, building on Pemo’s previous success, which includes a $12 million seed funding round in April 2022.
The company has experienced significant growth over the past two years in the United Arab Emirates (UAE), reaching AED 1.4 billion in annualised transactions and serving over 4,000 companies with its expense management software.
Pemo plans to use the new capital to drive product innovation and enhance customer service.
The startup aims to provide businesses with better control over their finances through its corporate virtual and physical cards, automated tools, and AI-driven accounting solutions.
These technologies offer full visibility and control over a company’s financial data, enabling faster and more informed decision-making.
The platform’s advanced features also assist businesses in staying compliant with regulatory requirements, particularly in light of the recent introduction of corporate income tax in the UAE.
By simplifying expense management and streamlining operations, Pemo aims to empower small and medium-sized enterprises (SMEs) to focus on growth without the administrative burdens that often accompany financial management.
Co-founded by serial entrepreneurs Ayham Gorani, Valerie Konde, Alessandro Duri, and Saed Ghorani, the leadership team brings experience from previous ventures such as Zalora and Pleo. Over the past 15 years, they have collectively launched or scaled more than eight companies.
The team has grown to over 60 professionals, drawing talent from leading tech companies both locally and globally.
Investors view Pemo as a significant player poised to disrupt the spend management market in the Middle East. With Saudi Arabia emerging as a major technology hub with a growing appetite for smart, digitally connected solutions, Pemo’s expansion aligns with broader regional economic trends.
Augmentum Fintech’s CEO, Tim Levene, expressed confidence in Pemo’s potential to drive economic growth across the Middle East. Shorooq Partners, an early investor in Pemo, also reiterated its support, highlighting the company’s journey and the strength of its co-founders.
Pemo’s expansion plans come at a time when the fintech sector in the GCC is experiencing rapid growth. The company’s technology solutions are expected to meet the increasing demand for efficient financial management tools among businesses in the region.
