Pemo Raises $12 Million Seed Funding

Pemo

Pemo, a Dubai, United Arab Emirates-based fintech startup empowering businesses across the Middle East, North Africa and Pakistan (MENAP), raised $12m in seed funding.

The round was co-led by dedicated seed fund Cherry Ventures and Shorooq Partners, with participation from FinTech Collective, Speedinvest, BY Venture Partners and Antler, as well as business angels, including unicorn founders of companies such as Nium, Payhawk, Qonto, Billie.

The company intends use the funds to continue expanding its operations and its business reach.

Pemo was founded by serial entrepreneurs and Rocket Internet and Google alumni Ayham Gorani and Valerie Konde and Alessandro Duri. It offers simplified expense management and invoice payment solutions for small and medium-sized businesses (SMEs) in the region.

Current features include digitized bills, automated approval flows and one-click payment. Soon, users will be able to get prepaid cards in virtual and physical form that they can distribute to their employees. The prepaid card can be integrated into the app to automatically categorize expenses and capture receipts for every transaction. This will give business owners and managers full visibility on corporate spending.

After its UAE launch, Pemo plans to expand operations into Saudi Arabia by the year 2022. Pemo will later expand its geographical footprint to Egypt and Pakistan.

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