Dubai, United Arab Emirates – Pemo, the Dubai-based spend management platform, has successfully closed a $7 million Pre-Series A funding round as it advances its strategic growth across the Middle East. This milestone comes after two years of exceptional performance in the UAE, with Pemo achieving an impressive AED 1.4 billion in annualized transactions.
The funding, co-led by Shorooq Partners and Augmentum Fintech, underscores investor confidence in Pemo’s commitment to revolutionizing expense management for small and medium-sized enterprises (SMEs). The capital will be used to further enhance Pemo’s product offerings, which include corporate virtual and physical cards, real-time analytics, and AI-driven automated accounting. These tools empower businesses with full control and visibility over their finances, streamlining compliance and boosting operational efficiency—an essential capability as the UAE introduces corporate income tax.
Pemo’s platform currently supports over 4,000 companies across the UAE, allowing them to manage expenses, set spending limits, and automate accounting tasks. With plans to expand into Saudi Arabia and other GCC markets, Pemo aims to support the region’s growing demand for digital financial solutions. The company’s co-founder, Ayham Gorani, highlighted the UAE’s thriving pro-business environment as a catalyst for Pemo’s growth. “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,” Gorani stated. “This funding will help us strengthen our presence, enhance our offerings, and expand into new markets.”
Tim Levene, CEO of Augmentum Fintech, expressed optimism about Pemo’s potential impact in the region. “Pemo represents an outstanding opportunity in a rapidly growing market, led by a seasoned team with a proven track record in European fintech,” he said. “We believe Pemo is well-positioned to drive economic growth across the Middle East and excited to support their journey in transforming expense management for SMEs globally.”
Dr. Bilal Baloch, Partner at Shorooq, echoed these sentiments, recognizing Pemo’s journey from inception to a leading market player. “We saw the potential in Pemo early on and have worked closely with them to build a growth plan that aligns with their goals,” said Baloch. “It’s been rewarding to see their remarkable progress, and we’re thrilled to support their expansion into new markets as they empower SMEs with smarter financial tools.”
Since its founding in April 2022, Pemo has rapidly scaled, now employing over 60 professionals from top tech companies around the world. The company’s platform, which launched with an initial $12 million seed funding led by Cherry Ventures and Shorooq Partners, has consistently attracted strong investor backing. This latest round of funding is a testament to Pemo’s ambition to be a major player in the spend management sector in the MENA region.
Pemo’s mission-driven approach is focused on enabling SMEs in the MENAP region to operate more efficiently by automating expense tracking and simplifying payment processes. By offering an integrated dashboard with real-time reporting, Pemo provides businesses with a comprehensive view of their financial landscape, allowing for informed, cost-effective decision-making. As it gears up for expansion, Pemo is set to leverage this funding to drive further innovation and capture a broader share of the market.
About Pemo
Pemo is a UAE-based spend management platform designed to empower SMEs in the MENAP region. Its comprehensive suite of tools includes corporate cards, automated expense tracking, and real-time reporting features. Launched in 2022, Pemo supports businesses by providing streamlined, accountable financial solutions that improve efficiency and decision-making.
About Augmentum Fintech
Augmentum Fintech, Europe’s leading publicly listed fintech fund, invests in high-growth fintech businesses disrupting financial services. Augmentum supports ambitious teams in their growth journeys with deep sector expertise and extensive networks.
About Shorooq
Founded in 2017, Shorooq is a prominent venture capital firm investing in technology across the MENA region. With investments in sector leaders like Pure Harvest, Nymcard, and Tamara, Shorooq is known for supporting innovative businesses through its regional expertise and hands-on approach.
For further details on Pemo’s mission and solutions, visit pemo.io.
