Dubai-based FinTech Pemo has raised $12 million in a seed funding round that it will use for continued product development and expansion across the Middle East and North Africa, according to a Magnitt report Wednesday (May 18).
Cherry Ventures and Shorooq Partners co-led Pemo’s seed round, with participation from FinTech Collective, Speedinvest, BY Venture Partners, Antler and several angel investors, the report said.
Pemo has also announced the debut of its all-in-one spend management platform for small- to medium-sized enterprises (SMEs) in the region, according to the report. The company has begun onboarding its first batch of UAE-based companies, the report said, with features including digitized invoices, automated approval flows, one-click invoice payments and real-time cash flow monitoring.
“We’re operating in a region where more than 90% of businesses are SMEs, many of which rely heavily on multiple platforms, processes and entities to manage their corporate spending, creating a number of challenges, such as irregular expense reports and high costs,” said Ayham Gorani, co-founder and CEO of Pemo, in the report.
“This is exactly the day-to-day friction we are removing by combining all spend management functions in one hub,” he said. “Ultimately, this helps businesses to save money and time, while empowering team members to make purchasing decisions quickly and responsibly.”
Pemo’s physical and virtual prepaid cards can be topped up and distributed to employees. Through integration into the Pemo app, the prepaid card will categorize employee expenses, capture receipts for each transaction and offer business owners and management teams full visibility on corporate spending, the report said.
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