Pemo has announced a $7 million Pre-Series A Funding round as it seeks to continue its unprecedented growth in the region.
spend management platform
Following two years of remarkable success in the UAE, the leading Dubai-based spend management platform has secured this funding in the wake of achieving a milestone moment of reaching AED 1.4bn in annualised transactions. Testament to its core focus on offering exceptional customer service, the start-up is set to use the investment to drive further innovation in its product, and continue delivering an exceptional experience and value for its customers.
expansion
Furthermore, Pemo is eying expansion into wider markets in the GCC, including Saudi Arabia, which is fast-becoming a major technology hub, with an appetite for smart, digitally-connected solutions.
Co-led by investors Shorooq and Augmentum Fintech, the new investment builds on the business’ success so far – with more than 4,000 companies already using Pemo’s award-winning software to manage their expenses. Set up to make spend management more efficient, Pemo provides corporate virtual and physical cards and automated tools to deliver full visibility and control on a company’s financial data. This empowers businesses to make faster, better-informed decisions to fuel their growth.
enabling businesses
With the goal of enabling businesses to gain better control of their finances, Pemo’s corporate cards allow employees to set limits, match receipts, and track company spending through real-time analytics and AI-driven automated accounting. This advanced technology helps businesses stay compliant and streamline operations, especially with the recent introduction of corporate income tax in the UAE.