Pemo, a rapidly growing spend management platform based in Dubai, has successfully secured $7 million in pre-Series A funding. The round was co-led by Shorooq Partners and Augmentum Fintech, with participation from existing investors. This latest investment follows Pemo’s $12 million seed round in April 2022, which was backed by Cherry Ventures, Shorooq Partners, and FinTech Collective, among others.
Pemo provides businesses with corporate virtual and physical cards integrated with automated expense management tools. The platform leverages AI-driven accounting solutions and real-time analytics to help companies track and manage spending efficiently.
To date, Pemo has processed approximately $380 million (AED 1.4 billion) in annualized transactions, serving over 4,000 businesses. The platform’s tools aim to simplify corporate spending while empowering teams to make informed purchasing decisions.
Co-founded by Ayham Gorani, Valerie Konde, Alessandro Duri, and Saed Ghorani, Pemo plans to use the fresh funding to enhance its product offerings and expand operations into Saudi Arabia, building on its current base in the UAE. The company, now comprising 60 employees, is positioning itself to meet the growing demand for efficient financial management tools in the region.
The funding arrives at a critical juncture as UAE businesses adapt to the recent introduction of corporate income tax. Pemo’s automated solutions are designed to help companies ensure compliance while streamlining their financial operations.
Commenting on the funding, Ayham Gorani, Co-Founder of Pemo, said:
“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 ecosystem has been the perfect foundation for Pemo’s growth, and we’re excited to strengthen our presence further, enhance our product offering, and expand into new markets.”
Dr. Bilal Baloch, Partner at Shorooq Partners, added:
“Pemo has been on an exciting journey from day one. We recognised the potential of the business early on, building a value creation plan for the company. It’s been great to see them go from strength to strength under the leadership of stellar co-founders.”
Pemo operates in a competitive fintech market, with notable rivals in the UAE including Qashio, Alaan, and Pluto. As it prepares to enter Saudi Arabia, it will face competition from SiFi, a local spend management platform that recently raised $10 million in a seed round.
Pemo’s success underscores the growing demand for innovative spend management solutions in the region, as businesses increasingly seek tools to optimise operations and ensure compliance. With its strong leadership team, strategic investment, and focus on product innovation, Pemo is well-positioned to capture a larger share of the Middle East’s burgeoning fintech market.
