Pemo, the UAE-based fintech platform, has closed a $7 million funding round led by Shorooq (formerly Shorooq Partners) and Augmentum Fintech.

More to Know:

• Pemo was launched in 2022 by Ayham Gorani, Valerie Konde, Alessandro Duri, and Saed Ghorani.
• It offers companies a range of spending management and card solutions.
• The funds will be used for regional expansion, particularly in Saudi Arabia.
• Pemo has previously secured $12 million in a Seed round.

Related Comments:

• Ayham Gorani, Co-Founder of Pemo, said: “We’ve been on a mission to help businesses save time and money by simplifying expense management and empowering teams to make responsible purchasing decisions.” he added: “The UAE’s thriving ‘pro-business’ ecosystem has been the perfect foundation for Pemo’s growth, and we’re excited to strengthen our presence further, enhance our product offering, and expand into new markets.”
• Bilal Baloch, Partner at Shorooq, commented: “Pemo has been on an exciting journey from day one. We recognised the potential of the business early on, building a value creation plan for the company, and it’s been great to see them go from strength to strength under the leadership of stellar co-founders. We are looking forward to supporting Pemo during its next phase of growth as it enters dynamic new markets and accelerates fast and cost-effective decision-making for SMEs”.