Dubai-based spend management platform, Pemo, raised $7 million in pre-Series A funding co-led by Shorooq Partners and Augmentum Fintech. That’s after raising $12 million in seed funding back in April 2022 from notable investors such as Cherry Ventures, Shorooq, and FinTech Collective. This new capital will see the company expand its footprint, further develop its product suite, and bolster its presence in the region.
Founded by Ayham Gorani, Valerie Konde, Alessandro Duri, and Saed Ghorani, who have previous experience at Rocket Internet and Google, Pemo offers corporate clients virtual and physical payment cards that come with automated expense management tools. This platform supports businesses in being more efficient at their spending due to its real-time analytics and AI-powered accounting automation. Since its creation, Pemo has carried out almost $380 million (AED 1.4 billion) annually in transaction volumes and engages a steadily increasing customer count of more than 4,000 companies.
Pemo’s digital tools have made the usually cumbersome process of tracking and controlling business expenses even easier, especially given the changes in tax laws that have been introduced recently in the UAE, including corporate income tax. This helps organizations be compliant with regulations while making financial processes easier, thus saving both time and resources.
The funding will be used to enhance Pemo’s platform capabilities and accelerate its expansion plans, particularly into Saudi Arabia. The startup also intends to scale its product offerings to better serve businesses in the region. The company has already grown its team to 60 employees, positioning itself for rapid development as it taps into new markets.
Co-founder Ayham Gorani shared his excitement about the progress the company has made so far and its future growth prospects. “We’ve been on a mission to help businesses save time and money by simplifying expense management and empowering teams to make responsible purchasing decisions. The UAE’s thriving, pro-business environment has provided the perfect foundation for our growth, and we’re thrilled to deepen our presence and expand into new markets,” he said.
Dr. Bilal Baloch, Partner at Shorooq Partners, also supported Pemo’s vision. “Pemo has been on an exciting journey from day one. We saw the potential of the business early on and worked with the co-founders to build a plan that would help create value. It’s been incredible to see them grow, and we’re confident that they will continue to succeed,” Baloch said.
Regarding competition, the company will be competing with several notable competitors in the UAE market, including Qashio, Alaan, and Pluto. In Saudi Arabia, it will be competing with SiFi, which recently received $10 million in seed funding. Despite all these competitions, Pemo’s value proposition stands out, having AI-powered expense management, real-time analytics, and comprehensive financial tools, positioning it as a strong player in the financial technology sector.
Pemo will be able to ensure expense tracking is streamlined and companies maintain compliance as businesses in the UAE and Saudi Arabia adapt to new financial regulations and evolving market needs. With strong investors on board and a clear growth strategy, Pemo is well-positioned to take an important role in shaping the future of corporate spend management across the Middle East.
