Pemo Secures $7M Funding for GCC Expansion

Pemo, a UAE-based spend management platform, has secured a $7 million Pre-Series A funding round, co-led by Augmentum Fintech and Shorooq, to support its growth and expansion in the GCC region, including Saudi Arabia. Over the past two years, Pemo has achieved a significant milestone of processing AED 1.4 billion in annualized transactions while serving more than 4,000 companies with its innovative solutions that include virtual and physical corporate cards, automated tools, and AI-driven analytics for enhanced expense management and compliance. The company, founded by entrepreneurs Ayham Gorani, Valerie Konde, Alessandro Duri, and Saed Ghorani, aims to use the funding to improve its product offering and explore opportunities within the burgeoning digital ecosystem of the Middle East. This follows a previous $12 million seed funding injection in April 2022, supporting Pemo's vision of becoming a leader in financial transformation for SMEs in the MENAP region. Backed by industry-experienced investors, Pemo is set to leverage its experienced team to accelerate growth and bring unparalleled value to its customers amid a growing fintech market.