UAE fintech Pemo unveils new SME payments platform post $12m funding round – The National

UAE fintech Pemo unveils new SME payments platform post $12m funding round – The National

Pemo, a UAE financial technology start-up, raised $12 million in a seed funding round after which it unveiled an all-in-one spending platform to support small and medium enterprises in the Middle East, North Africa and Pakistan region.

The financing was co-led by Abu Dhabi venture capital company Shorooq Partners and Cherry Ventures in Berlin, with participation from New York-based FinTech Collective, Vienna-based Speedinvest, Beirut-based BY Venture Partners and Singapore-based Antler, plus private investment from angel investors, Pemo said on Wednesday.

Pemo's new platform, which will address transparency in business spending, features digitised invoices, automated approval flows, one-click invoice payments and real-time cash flow monitoring. It also plans to offer physical and virtual prepaid cards that can be topped up and distributed to employees, the company said.