Pemo, the UAE-based fintech startup empowering businesses across the Middle East, North Africa MENA, announced that it has launched its all-in-one spend management platform. Pemo offers fast, transparent, and simplified invoice payment and expense management solutions, as well as smart corporate cards, for small and medium-sized enterprises (SMEs) in the region.
The announcement comes alongside a $12 million funding round, co-led by dedicated seed fund Cherry Ventures and Shorooq Partners, with participation from FinTech Collective, Speedinvest, BY Venture Partners and Antler. In addition, the round included private investment from prominent business angels, including unicorn founders of companies such as Nium, Payhawk, Qonto, Billie.
Latest Fintech News: Cabital Adds Vietnamese Dong as Fiat On-Ramp Payment Option
The Pemo platform is tailored to the requirements of SMEs in emerging markets and has begun onboarding its first batch of UAE-based companies. Currently available features include digitized invoices, automated approval flows, one-click invoice payments and real-time cash flow monitoring. Users can soon avail physical and virtual prepaid cards that can be distributed to employees. Through integration into the Pemo app, the prepaid card will automatically categorize employee expenses, capture receipts for each transaction, and offer business owners and management teams full visibility on corporate spending.
Latest Fintech News: Firework Closes $150 Million SoftBank Vision Fund 2-Led Series B to Continue to Build the Future of Commerce
Pemo was co-founded by serial entrepreneurs, and Rocket Internet and Google alumni, Ayham Gorani, Valerie Konde, Alessandro Duri, and Saed Ghorani, who have collectively launched or scaled more than eight ventures, including Zalora and Pleo over the last 15 years. They are supported by a founding team of 20 members stemming from successful local and international tech companies.
Following its UAE launch, Pemo is looking to establish operations in Saudi Arabia by the end of 2022. The company later plans to extend its geographical footprint into Egypt and Pakistan.
Latest Fintech News: Klevu Partners with BigCommerce to Provide Enterprise Ecommerce Operators with Single Inventory View
[To share your insights with us, please write to sghosh@martechseries.com]
