{"id":52971,"date":"2024-11-13T19:47:32","date_gmt":"2024-11-13T16:47:32","guid":{"rendered":"https:\/\/saudishopper.com.sa\/en\/?p=52971"},"modified":"2026-03-28T06:59:24","modified_gmt":"2026-03-28T03:59:24","slug":"pemo-hits-aed-1-4bn-in-transactions-secures-7m-in-pre-series-a-led-by-augmentum-fintech-and-shorooq","status":"publish","type":"post","link":"https:\/\/saudishopper.com.sa\/en\/pemo-hits-aed-1-4bn-in-transactions-secures-7m-in-pre-series-a-led-by-augmentum-fintech-and-shorooq\/","title":{"rendered":"Pemo Hits AED 1.4BN in Transactions, Secures $7M in Pre-Series A Led by Augmentum Fintech and Shorooq"},"content":{"rendered":"\n<p class=\"has-text-align-center wp-block-paragraph\"><strong><em>Leading UAE fintech, Pemo secures $7 million USD in funding as international investors back its potential to revolutionise the spend management sector in the region<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Dubai, United Arab Emirates: 13th November 2024<\/strong>:&nbsp;<a href=\"https:\/\/www.pemo.io\/\">Pemo<\/a>&nbsp;has announced a $7 million Pre-Series A Funding round as it seeks to continue its unprecedented growth in the region.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/11\/Pemo-group-sitting_smaller_ssict_1200_1799.webp\"><img loading=\"lazy\" decoding=\"async\" width=\"683\" height=\"1024\" src=\"https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/11\/Pemo-group-sitting_smaller_ssict_1200_1799-683x1024.webp\" alt=\"Pemo group sitting_smaller_ssict_1200_1799\" class=\"wp-image-52972\" srcset=\"https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/11\/Pemo-group-sitting_smaller_ssict_1200_1799-683x1024.webp 683w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/11\/Pemo-group-sitting_smaller_ssict_1200_1799-200x300.webp 200w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/11\/Pemo-group-sitting_smaller_ssict_1200_1799-768x1151.webp 768w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/11\/Pemo-group-sitting_smaller_ssict_1200_1799-1025x1536.webp 1025w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/11\/Pemo-group-sitting_smaller_ssict_1200_1799-1080x1619.webp 1080w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/11\/Pemo-group-sitting_smaller_ssict_1200_1799.webp 1200w\" sizes=\"(max-width: 683px) 100vw, 683px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Co-led by investors Shorooq and Augmentum Fintech, the new investment builds on the business\u2019 success so far &#8211; with more than 4,000 companies already using Pemo\u2019s 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\u2019s financial data. This empowers businesses to make faster, better-informed decisions to fuel their growth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With the goal of enabling businesses to gain better control of their finances, Pemo\u2019s 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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Co-founded by serial entrepreneurs, Rocket Internet and Google alumni, Ayham Gorani, Valerie Konde, Alessandro Duri, and Saed Ghorani, the team has, over the past 15 years, collectively launched or scaled more than eight ventures, including Zalora and Pleo.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cWe\u2019ve been on a mission to help businesses save time and money by simplifying expense management and empowering teams to make responsible purchasing decisions.<strong>&nbsp;<\/strong><\/em><strong>Ayham Gorani, Co-Founder of Pemo, explained.<\/strong>\u201c<em>The UAE\u2019s thriving \u2018pro-business\u2019 ecosystem has been the perfect foundation for Pemo\u2019s growth, and we\u2019re excited to strengthen our presence further, enhance our product offering, and expand into new markets.\u201d.<\/em><em><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cWe want to help empower these businesses to grow by removing the headaches that drag them down. Having the backing of our incredible investors, who bring a wealth of industry and market knowledge to the fore, will support our expansion and deliver even greater value to our customers.\u201d&nbsp;<\/em><strong>Ayham<\/strong>&nbsp;added.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Echoing these thoughts<strong>, Tim Levene, CEO of fintech-focused investment company Augmentum<\/strong>&nbsp;said:<em>&nbsp;\u201cPemo represents an outstanding opportunity in a rapidly growing market, led by a seasoned team with a proven track record in European fintech. We believe Pemo is well-positioned to play a pivotal role in driving economic growth across the Middle East, a region we are closely monitoring and where we see considerable opportunity and exciting developments in the fintech space.&nbsp;<\/em><em><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cWith our extensive expertise and network in the fintech sector, we are excited to support Pemo as they embark on this next phase, unlocking the market\u2019s vast potential through transforming expense management and corporate payments, and accelerating the growth of SMEs on a global scale.\u201d<\/em><em><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>&nbsp;<\/em><strong>Dr. Bilal Baloch, Partner at Shorooq<\/strong>, added: \u201c<em>Pemo has been on an exciting journey from day one. We recognised the potential of the business early on, building a value creation plan for the company, and it\u2019s been great to see them go from strength to strength under the leadership of stellar co-founders. We are looking forward to supporting Pemo during its next phase of growth as it enters dynamic new markets and accelerates fast and cost-effective decision-making for SMEs\u201d.<\/em><em><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Today, Pemo\u2019s team has grown to over 60 exceptional professionals from leading tech companies both locally in the UAE and globally, whose expertise and innovation are driving the company&#8217;s rapid growth. The news of the funding follows a prior fuel injection made in April 2022, when the business first launched. Kicking off its entry in the market in the strongest way possible, Pemo previously secured $12 million in seed funding, co-led by Cherry Ventures and Shorooq, with participation from FinTech Collective, Speedinvest, BY Venture Partners and Antler, as well as private investment from business angels. Attracting strong investor confidence from the start has underlined Pemo\u2019s ambition as a major player to disrupt the spend management market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Leading UAE fintech, Pemo secures $7 million USD in funding as international investors back its potential to revolutionise the spend management sector in the region Dubai, United Arab Emirates: 13th November 2024:&nbsp;Pemo&nbsp;has announced a $7 million Pre-Series A Funding round as it seeks to continue its unprecedented growth in the region. Following two years of [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":52972,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_meta-robots-noindex":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_pr_autopilot_social_copy":"","_yoast_wpseo_opengraph_title":"","_yoast_wpseo_opengraph_description":"","_yoast_wpseo_opengraph_image":"","_yoast_wpseo_opengraph_image_id":0,"_yoast_wpseo_twitter_title":"","_yoast_wpseo_twitter_description":"","_yoast_wpseo_twitter_image":"","_yoast_wpseo_twitter_image_id":0,"_yoast_wpseo_primary_category":24,"_extra_hide_author_box":"","_extra_featured_post":"","_partner_post_id":0,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-52971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - 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