UAE-Based FinTech Pemo Debuts Spend Management Platform

United Arab Emirates FinTech startup Pemo has debuted an all-in-one spend management platform, a press release said Wednesday (May 25).

Pemo’s platform offers invoice payment and expense management services along with corporate cards for small- and midsized businesses (SMBs).

Pemo’s platform has started onboarding its first UAE-based companies, with some of the features available including digitized invoices, automated approval flows, one-click invoice payments and real-time cash flow monitoring.

Users will also be able to issue physical and virtual prepaid cards for employees. The prepaid cards, through an integration with the Pemo app, will be able to automatically categorize employee expenses, capture receipts for every transactions, and offer business owners and management teams more visibility for corporate spending.

The new announcement comes as the company got a $12 million in a funding round which was co-led by seed fund Cherry Ventures and Shorooq Partners. Other participants included FinTech Collective, Speedinvest, BY Venture Partners and Antler.

PYMNTS wrote that the round would be used for more product development and expansion in the MENA region. The report also mentioned the new spending platform. Pemo is looking to expand into Saudi Arabia, and from there to Egypt and Pakistan.

See also: Dubai-Based FinTech Pemo Snags $12M in Seed Funding

“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.

Gorani added that the intention was to get rid of day-to-day friction, centering everything needed in a single hub.

“Ultimately, this helps businesses to save money and time, while empowering team members to make purchasing decisions quickly and responsibly.”