this helps businesses to save money and time, while empowering team members to make purchasing decisions quickly and responsibly.”
Over the past two years, corporate spend startups across the US, Europe, Southeast Asia and Latin America have been on the radar of the most prominent venture capital funds, with companies such as Ramp, Pleo, Spenmo and Clara receiving significant support in scaling into new markets and expanding product offerings. Their growth and its resulting private investment were earned by a proven approach of offering corporate cards, combined with the venture’s ability to build software around those cards, taking into account the functionality needed by companies to track expenses, manage spend access, and save money.
“We’re grateful to have the backing of incredible investors who are bringing a wealth of industry experience and market knowledge to the table. In particular, it’s hugely beneficial for us to have the support of founders who have successfully built expense management platforms in other markets, and we are looking forward to working closely with them, and our VC partners, as we expand our offering,” Gorani continued.
Following its UAE launch, Pemo is looking to establish operations in Saudi Arabia by the end of 2022. TheexpansionwillsupporttheKingdom’sFinancialSectorDevelopmentProgram(FSDP), which aims to build a cashless economy as part of the Saudi Vision 2030. The company later plans to extend its geographical footprint into Egypt and Pakistan.
Filip Dames, Founding Partner at Cherry Ventures, which has also backed fintechs like Juni and Moss, said: “In the presently available software stack, expense management for companies and employee access to credit or debit cards continues to feel broken — and Alessandro, Valerie, Ayham, and Saed are the team to fix it. We’re excited to team up with them as Pemo offers a full payable suite for an underserved segment and delivers a smart and efficient way for customers to manage expenses and bill payments.”
Mahmoud Adi, Founding Partner at Shorooq Partners, commented: “We are humbled to be partnering with the Pemo team as this incredible journey takes off. The founders' customer-centric approach and strong commitment to growth make us certain they are the right team to back in the region's expense management space. Given our deep exposure to fintech infrastructure, we have no doubt that this will be a unique success story and are very excited to see what the future holds for Pemo.”
Faisal Kawar, Principal at FinTech Collective, said: “Pemo’s software has the potential to transform the pain points for over 23 million SMEs in the region, who are currently experiencing a $123 billion financing gap. We were impressed by what the Pemo team has accomplished in such a short period of time, against this backdrop, bringing together a veteran all-star team with a unique combination of experiences and skill sets."
Early adopters who want to be among the first to experience the Pemo platform can sign up for a demo by visiting: pemo.io
Pemo is a UAE-based startup on a mission to empower small and medium-sized enterprises (SMEs) across the Middle East, North Africa and Pakistan (MENAP) region by offering an all-in-one spend management platform that includes pre-paid corporate cards, invoice payment systems and expense tracking functions.
Launched in April 2022, the company aims to remove friction in day-to-day spending processes, allowing businesses to entrust their teams to make quicker and more responsible purchasing decisions. In addition to accounting automation, virtual and physical cards with built-in rules, and the consolidation of inbound invoices, the Pemo software offers an integrated dashboard with full visibility over company spending and real-time tracking and reporting options.
For more information and to stay up to date on latest news announcements, please visit: pemo.io
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