• Pemo, a Dubai-based spend management platform, secured USD 7 million in Pre-Series A funding. 
• The company aims to expand into the MENAP region, with a focus on Saudi Arabia’s growing tech market. 
• Pemo’s platform simplifies financial management for businesses with virtual/physical cards and automated tools.

Pemo, a Dubai-based spend management platform, has recently announced the successful completion of its Pre-Series A funding round, securing USD 7 million. The funding round was co-led by Shorooq and Augmentum Fintech, according to a company’s statement.

These investments are expected to fuel Pemo’s expansion plans in the Middle East, North Africa, and Pakistan (MENAP) region, particularly in Saudi Arabia.

Pemo Growth Plans

Pemo has experienced impressive growth in the UAE over the past two years. This growth has set the stage for its regional expansion, with a focus on new markets within the GCC.

The company also aims to tap into the growing demand for digital financial solutions. Those services which are becoming increasingly essential for businesses in the MENAP region.

Pemo’s Innovation To Empower Businesses

The funding will be used to enhance Pemo’s product offerings and develop new solutions that meet the evolving needs of its customers.

Furthermore, Pemo services are to simplify financial processes for businesses, especially small and medium-sized enterprises (SMEs). By offering an all-in-one spend management platform, the company helps businesses manage their finances more efficiently.

Pemo’s platform combines corporate virtual and physical cards with automated tools for real-time financial control.

These tools provide full visibility over spending and help businesses make swift, informed decisions. The integration of real-time analytics and AI-driven automated accounting further empowers businesses to stay on top of their financial data.

The Impact of Corporate Tax on Business Needs

The recent introduction of corporate income tax in the UAE makes Pemo’s services even more valuable. In January 2022, the Ministry of Finance announced the Federal Corporate Tax (CT), which started from the first financial year after June 1, 2023.

This new tax policy has created a greater need for businesses to manage their finances more efficiently.