This investment spearheads a $7 million funding round for Pemo. Founded in 2022, Pemo focuses on serving small and medium-sized enterprises (SMEs) in the UAE.

They offer corporate cards and a platform to manage business expenses and payments.

Augmentum explained in a press release that, with only 1.7% of payments currently made using corporate cards in the UAE, despite a thriving SME sector spending $122 billion annually, giving Pemo an opportunity to revolutionise expense management in the region.

The company has already processed over $1.4 billion in transactions and works with more than 4,000 businesses.

Augmentum notes that Pemo’s leadership team boasts experience in building successful companies. It is co-founded by serial entrepreneurs and alumni of tech giants like Rocket Internet and Google.

The team includes Ayham Gorani, Valerie Konde, Alessandro Duri, and Saed Ghorani. Their previous experience includes involvement in Pleo, a European spend management company, and Zalora, a major e-commerce platform.

The investment is expected to fuel Pemo’s product development, enhance the customer experience, and support expansion into new markets.

Augmentum Fintech’s participation in the investment round is joined by Abu Dhabi-based venture capital firm Shorooq Partners, alongside existing investors like Cherry Ventures, Speedinvest, and Fintech Collective.

Perry Blacher, Partner at Augmentum Fintech Management Ltd, will also join Pemo’s board.

Commenting on the investment, Tim Levene, CEO of Augmentum Fintech, stated: “Pemo represents an outstanding opportunity in a rapidly growing market, led by a seasoned team with a proven track record in European fintech. We believe Pemo is well-positioned to play a pivotal role in supporting SMEs across key markets in the Middle East.”

Ayham Gorani, Co-Founder of Pemo, said: ” Having the backing of leading European fintech VC Augmentum Fintech along with our other incredible investors, who bring a wealth of industry and market knowledge to the fore, will accelerate our expansion and delivery of an even greater experience for our customers.”

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