Augmentum Fintech has led a $7 million funding round for UAE expense management startup Pemo, investing $4 million in the company.
Founded in 2022, Pemo has already surpassed $1.4 billion in transactions and collaborates with over 4,000 businesses. Headquartered in Dubai, with additional offices in Saudi Arabia and Egypt, Pemo is poised for expansion in the Middle East, where the market for corporate cards is still developing compared to Europe.
The firm’s founding team boasts extensive experience, with co-founders Ayham Gorani, Valerie Konde, Alessandro Duri, and Saed Ghorani having backgrounds at established companies such as Rocket Internet, Google, Pleo, and Zalora.
Alongside Augmentum, the funding round also saw investments from Abu Dhabi-based Shorooq Partners, a tech-focused venture capital firm in the MENA region, as well as existing backers Cherry Ventures, Speedinvest, and Fintech Collective.
Tim Levene, CEO of Augmentum Fintech, remarked, “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, a region we are closely monitoring for its growth opportunities.”