FinTech Pemo Lands $12M in Seed Funding

0

FinTech based in Dubai pemo has raised $12 million in a seed funding round that it will use to pursue further product development and expansion in the Middle East and North Africa, according to a Magnitt report on Wednesday (May 18).

Cherry Ventures and Shorooq Partners co-led the Pemo seed round, with participation from FinTech Collective, Speedinvest, BY Venture Partners, Antler and several angel investors, according to the report.

Pemo also announced the launch of its all-in-one expense management platform for small and medium enterprises (SMEs) in the region, according to the report. The company has started onboarding its first group of UAE-based businesses, according to the report, with features including digitized invoices, automated approval workflows, one-click bill payments and workflow monitoring cash in real time.

“We operate in a region where over 90% of businesses are SMBs, many of which rely heavily on multiple platforms, processes and entities to manage their business spend, which creates a number of challenges, such than irregular expense reports and high costs.” mentioned Ayham Goranico-founder and CEO of Pemo, in the report.

“It’s exactly the day-to-day friction that we remove by combining all expense management functions into one hub,” he said. “Ultimately, it helps companies save time and money, 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 provide business owners and management teams with complete visibility into company spending, according to The report.

Related: UAE BNPL Tabby Raises $54M in Series B Funding Round

In March, Buy Now Pay Later (BNPL) for Saudi Arabia and the United Arab Emirates, Tabby raised $54 million in a Series B funding round led by Sequoia Capital India and capital firm -Saudi STV risk, according to several media.

——————————

NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORED CARDS – APRIL 2022

On: Shoppers who have store cards use them for 87% of all eligible purchases – but that doesn’t mean retailers should start buy now, pay later (BNPL) options at checkout. The Truth About BNPL and Store Cards, a collaboration between PYMNTS and PayPal, surveys 2,161 consumers to find out why providing both BNPL and Store Cards is key to helping merchants maximize conversion.

Share.

About Author

Comments are closed.