Pemo Secures $7 Million To Expand Spend Management Solutions Across The GCC
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Pemo, a UAE-based financial tech company, recently shared that it raised $7 million in Pre-Series A funding to grow its spending management platform in the Gulf region.
Pemo stated that this funding will help it keep improving its tools for businesses to manage expenses and boost its reach within the Gulf Cooperation Council (GCC).
The company, which has been successful in the UAE for two years, highlighted that it reached a milestone of handling AED 1.4 billion in annual transactions. This achievement shows Pemo’s focus on supporting customers and providing a smooth experience.
Pemo Aims To Streamline Business Spending And Expand Across The GCC
The funding round was co-led by Shorooq and Augmentum Fintech, two major investors in the finance technology field.
According to Pemo, the company is now planning to expand further across the GCC region. It specifically highlighted Saudi Arabia, a country growing quickly as a technology hub. Pemo noted that Saudi Arabia has a strong interest in smart financial tools, which aligns well with its expansion goals.
Over 4,000 companies already use Pemo’s system, which offers both virtual and physical company cards along with automated tools.
Pemo explained that these tools give businesses full control and visibility over spending, making it easier for them to track and manage finances.
Pemo’s tools allow companies to set spending limits, match receipts with purchases, and keep track of expenses in real-time. The company shared that this technology helps businesses make better financial decisions, follow new UAE tax rules, and keep operations simple.
Founded by experienced entrepreneurs, including those from Rocket Internet and Google, Pemo’s team has grown rapidly, attracting over 60 professionals from top tech firms in the UAE and globally.
Pemo’s Co-Founder, Ayham Gorani, explained that the company’s mission is to help businesses save time and money by making spending management easier.
He added that the UAE’s business-friendly environment has provided the perfect base for Pemo to grow, and the team is excited to keep improving its products and expanding into new regions.
Pemo Wants To Transform Expense Management Across The MENAP Region
Tim Levene, Chief Executive Officer of Augmentum Fintech, also shared his support for Pemo. He said that the company is a strong opportunity in a fast-growing market and is led by a team with proven success in finance technology.
He explained that Augmentum is eager to help Pemo expand and bring better expense management solutions to businesses across the Middle East.
Dr. Bilal Baloch, a partner at Shorooq, also expressed enthusiasm for Pemo’s progress. He explained that Shorooq saw Pemo’s potential from the start and has supported the company’s growth journey.
Baloch said that Shorooq looks forward to helping Pemo grow into new markets and create tools that let businesses make faster and smarter choices.
Pemo initially launched in April 2022 with $12 million in seed funding, led by investors such as Cherry Ventures and Shorooq.
The company’s early investor support highlights Pemo’s commitment to reshaping how businesses handle spending across the Middle East, North Africa, and Pakistan (MENAP) region.
Pemo shared that it aims to help small and medium-sized businesses with tools such as pre-paid corporate cards, expense tracking, and automated accounting.
