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.
“We’re operating in a region where more than 90 per cent of businesses are SMEs, many of which rely heavily on multiple platforms, processes and entities to manage their corporate spending, creating a number of challenges, such as irregular expense reports and high costs," said Ayham Gorani, co-founder and chief executive of Pemo.
"This is exactly the day-to-day friction we are removing by combining all spend management functions in one hub. Ultimately, this helps businesses to save money and time, while empowering team members to make purchasing decisions quickly and responsibly.”
Start-up activity continues to grow in the region, and these companies have been able to attract funding to help scale their businesses and support economies.
Fintech was the most prominent industry in the first quarter of 2021, accounting for 20 per cent of total transactions and 29 per cent of all capital deployed in the region, according to start-up data platform Magnitt.
In Mena, the UAE is the leading fintech hub both in number of deals and venture capital investment, Magnitt said. Bahrain joined the top ranks with cryptocurrency start-up Rain's $110m funding round in January.
Mena start-ups registered record VC funding worth $2.6 billion in 2021 through 590 transactions, according to Magnitt. About 35 start-ups announced exits in 2021, indicating a maturity in the region’s start-up landscape. The UAE accounted for 26 per cent of all deals closed across the region and 45 per cent of all funding raised in 2021.
Mena start-ups more than doubled their funding from a year earlier to about $864m in the first quarter of 2021 alone.
Pakistan, meanwhile, has more than 3,500 start-ups, according to tracking site Tracxn. Total funding surged 132 per cent annually in 2021, with the total number of deals rising 63 per cent to 78, Magnitt data shows.
After its launch in the UAE, Pemo plans to establish operations in Saudi Arabia by the end of 2022. The expansion will support the kingdom’s financial sector development programme, an initiative that aims to build a cashless economy as part of Vision 2030, Saudi Arabia's economic diversification agenda.
The company is also planning to expand to Egypt and Pakistan.
Pemo was co-founded in April by Mr Gorani, Valerie Konde, Alessandro Duri and Saed Ghorani, who have collectively launched or scaled more than eight ventures, including online shopping portal Zalora and business spending platform Pleo, over the past 15 years.
The specs: 2018 Harley-Davidson Fat Boy
Price, base / as tested Dh97,600
Engine 1,745cc Milwaukee-Eight v-twin engine
Transmission Six-speed gearbox
Power 78hp @ 5,250rpm
Torque 145Nm @ 3,000rpm
Fuel economy, combined 5.0L / 100km (estimate)
MATCH INFO
World Cup qualifier
Thailand 2 (Dangda 26', Panya 51')
UAE 1 (Mabkhout 45 2')
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Newcastle United 2 (Willems 25', Shelvey 88')
Manchester City 2 (Sterling 22', De Bruyne 82')
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Abu Dhabi Card
5pm: Maiden (PA) Dh 80,000 1,400m
National selection: AF Mohanak
5.30pm: Handicap (PA) Dh 90,000 1,400m
National selection: Jayide Al Boraq
6pm: Handicap (TB) Dh 100,000 1,400m
National selection: Rocket Power
6.30pm: Abu Dhabi Championship Listed (PA) Dh 180,000 1,600m
National selection: Ihtesham
7pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 1,600m
National selection: Noof KB
7.30pm: Maiden (PA) Dh 80,000 2.200m
National selection: EL Faust
Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh359,000
On sale: now
Company%20profile
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RACECARD
%3Cp%3E5pm%3A%20Al%20Shamkha%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(Turf)%201%2C400m%0D%3Cbr%3E5.30pm%3A%20Khalifa%20City%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C400m%0D%3Cbr%3E6pm%3A%20Masdar%20City%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C600m%0D%3Cbr%3E6.30pm%3A%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(T)%202%2C200m%0D%3Cbr%3E7pm%3A%20Emirates%20Championship%20%E2%80%93%20Group%201%20(PA)%20Dh1%2C000%2C000%20(T)%202%2C200m%0D%3Cbr%3E7.30pm%3A%20Shakbout%20City%20%E2%80%93%20Handicap%20(TB)%20Dh80%2C000%20(T)%202%2C400m%3C%2Fp%3E%0A
How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Company%20profile
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