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.
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