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. 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.
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.