UAE’s Pemo Secures $7M to Accelerate Fintech Expansion Across MENA

UAE-based fintech Pemo has raised $7 million in a Pre-Series A round, led by Shorooq Partners with support from Augmentum Fintech. This latest funding follows an earlier $12 million Seed round led by Cherry Ventures and Shorooq Partners, underscoring investor confidence in the rapid growth of AI-enabled platforms across the Middle East and North Africa.

Pemo, which launched in 2022, provides businesses with expense management solutions through virtual and physical cards, powered by AI-driven automation to enhance financial control and compliance. Founded by former Rocket Internet and Google alumni, including Ayham Gorani, Valeri Kundi, Alessandro Dori, and Saed Ghorani, Pemo’s focus on efficiency and transparency resonates well with businesses aiming to streamline operations.

With an annual transaction volume of AED 1.4 billion and over 4,000 companies utilizing its platform, Pemo is eyeing larger markets in the region, including a strategic push into Saudi Arabia. This move aligns with Saudi Arabia’s expanding fintech landscape and increasing demand for digital financial solutions. By offering real-time analytics and automated accounting, Pemo aims to help companies optimize their financial management, making quicker and more informed spending decisions.