Pemo Secures US$7 Million Pre-Series A Funding Round
“As Saudi companies — especially SMEs — adopt new digital solutions, Pemo aims to become a trusted enabler of financial empowerment for local small businesses and entrepreneurs.”
Pemo, a UAE-based spend management platform, has secured a US$7 million pre-Series A funding round, led by investors Shorooq and Augmentum Fintech.
Founded in 2022 by Ayham Gorani, Valerie Konde, Alessandro Duri, and Saed Ghorani, Pemo allows businesses to manage their finances more effectively, offering corporate cards that let employees set spending limits, match receipts, and monitor company expenses using real-time analytics and artificial intelligence (AI)-powered automated accounting.
In an interview with Inc. Arabia, Gorani said, “Our AI capabilities excel in automating accounting processes, categorizing and verifying receipts with precision, and proactively detecting potential fraud. This ensures SMEs experience seamless, error-free operations, minimizing human oversight and maximizing efficiency.”
Gorani added, “We pair our innovations with dedicated customer success managers (CSMs), who offer expert guidance tailored to each client's unique challenges. Backed by seasoned industry leaders and support teams, Pemo offers real-time support and insight to empower companies as they scale.”
Having already attracted a diverse user base, with over 4,000 companies using Pemo in the UAE, the company has its sights set on strategic regional expansion. “As Saudi companies — especially SMEs — adopt new digital solutions, Pemo aims to become a trusted enabler of financial empowerment for local small businesses and entrepreneurs,” Gorani said. “With localized, adaptable solutions, Pemo is well-positioned to support Saudi SMEs in their journey toward financial success, providing industry-leading tools, proactive support, and the expertise to help them thrive in a rapidly evolving digital landscape.”
Commenting on the strategic motivations behind UAE-based fintech investor Shorooq's decision to co-lead this funding round, Dr. Bilal Baloch, partner at Shorooq, told Inc. Arabia, “We're excited to back Pemo because they address a critical need for businesses in the MENA region — streamlining spend management. Their innovative solutions not only enhance operational efficiency but empower companies to make smarter financial decisions."
"With the rapid digital transformation and the burgeoning SME sector in MENA, the demand for efficient financial tools has never been greater," he continued. "We believe the timing is perfect for Pemo to scale and make a significant impact, and by co-leading this round, we're supporting a team poised to redefine fintech in growth markets at a pivotal moment."
Dr. Baloch also expressed his optimism about Pemo’s expansion in Saudi Arabia. "Given the current market dynamics and increasing adoption of fintech solutions in MENA, we see a tremendous opportunity for Pemo to innovate and lead not just in the UAE but beyond," he said. "By offering strategic guidance and facilitating key partnerships, we'll support them in delivering cutting-edge spend management tools that meet the evolving needs of businesses across the region during this critical growth phase."
