Pemo, a Dubai, United Arab Emirates-based fintech startup empowering businesses across the Middle East, North Africa and Pakistan (MENAP), raised $12m in seed funding.
The round was co-led by dedicated seed fund Cherry Ventures and Shorooq Partners, with participation from FinTech Collective, Speedinvest, BY Venture Partners and Antler, as well as business angels, including unicorn founders of companies such as Nium, Payhawk, Qonto, Billie.
The company intends to use the funds to continue to expand operations and its business reach.
Co-founded by serial entrepreneurs, and Rocket Internet and Google alumni, Ayham Gorani, Valerie Konde, Alessandro Duri, and Saed Ghorani, Pemo has launched its all-in-one spend management platform which offers simplified invoice payment and expense management solutions, as well as smart corporate cards, for small and medium-sized enterprises (SMEs) in the region.
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 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.
Following its UAE launch, the company is looking to establish operations in Saudi Arabia by the end of 2022. Pemo later plans to extend its geographical footprint into Egypt and Pakistan.
FinSMEs
26/05/2022