Taking Spend Management to New Heights
Dubai-based fintech startup, Pemo, has just received a major boost, securing a $7 million pre-Series A funding round. Led by prominent investors Shorooq Partners and Augmentum Fintech, this injection of capital follows a successful $12 million seed round in 2022, demonstrating strong investor confidence in Pemo’s innovative approach to business spending.
Pemo introducing Smart Spending Solutions for businesses in Dubai
Pemo offers a comprehensive suite of spend management tools, including corporate virtual and physical cards, coupled with advanced AI-powered analytics. This enables businesses to:
- Track spending in real-time: Gain valuable insights into spending patterns and identify areas for cost optimization.
- Automate expense management: Streamline accounting processes and reduce manual data entry.
- Empower employees: Provide teams with the tools and flexibility they need to make informed spending decisions.
Can Pemo fuel growth in Dubai and expand beyond?
Pemo plans to leverage this new funding to:
- Enhance product development: Continuously innovate and improve its platform with cutting-edge features and AI capabilities.
- Expand into Saudi Arabia: Tap into the burgeoning Saudi Arabian market and capitalize on the growing demand for efficient spend management solutions.
- Scale its operations: Strengthen its team and expand its reach across the region.
Riding the Wave of Innovation
This funding round comes at a crucial time for Pemo. As the UAE introduces corporate income tax, businesses are increasingly seeking solutions to optimize their finances and ensure compliance. Pemo’s automated tools and insightful analytics provide a valuable edge, helping businesses navigate these changes and maintain a competitive advantage.
A Vision for the Future
“We’re thrilled to have the continued support of our investors,” says Ayham Gorani, Co-Founder of Pemo. “This funding will fuel our mission to empower businesses with the tools they need to make smarter spending decisions, save time, and drive growth.”
The road ahead for Pemo in Dubai, UAE & across
Pemo faces a competitive landscape, with players like Qashio, Alaan, and Pluto vying for market share in the UAE. In Saudi Arabia, the startup will encounter competition from SiFi, another well-funded player in the spend management space. However, with its strong technology, experienced leadership, and a proven track record of success, Pemo is well-positioned to emerge as a leader in the region’s rapidly evolving fintech ecosystem.
The Future of Business Spending
Pemo’s success underscores the growing demand for innovative fintech solutions that address the evolving needs of modern businesses. As companies increasingly embrace digital transformation and seek to optimize their operations, solutions like Pemo’s will play a critical role in shaping the future of business spending.
