Pemo, UAE-based FinTech startup empowering businesses across MENAP, launched its all-in-one spend management platform after raising $12 million in a seed round.
The funding round was co-led by Cherry Ventures and Shorooq Partners, with participation from FinTech Collective, Speedinvest, BY Venture Partners and Antler. The round also witnessed participation with private investment from prominent business angels.
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.
Pemo is looking to establish operations in Saudi Arabia by the end of 2022 and later plans to expand its geographical footprint into Egypt and Pakistan.
“We’re operating in a region where more than 90% of businesses are SMEs, many of which rely heavily on multiple platforms, processes and entities to manage their corporate spending, creating a number of challenges, such as irregular expense reports and high costs. This is exactly the day-to-day friction we are removing by combining all spend management functions in one hub. Ultimately, this helps businesses to save money and time, while empowering team members to make purchasing decisions quickly and responsibly,” Ayham Gorani, Co-Founder and Chief Executive Officer of Pemo, said.
Pemo was co-founded by Ayham Gorani, Valerie Konde, Alessandro Duri, and Saed Ghorani, the platform is tailored to SMEs’ requirements in emerging markets. Its features include digitized invoices, automated approval flows, one-click invoice payments and real-time cash flow monitoring.
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