Augmentum Fintech invests $4m in Emirati firm Pemo
By Josh White
Date: Wednesday 13 Nov 2024
(Sharecast News) - Augmentum Fintech announced a $4m investment as the lead investor in a $7m funding round for Emirates-based fintech company Pemo on Wednesday.
The London-listed firm said the investment was part of its ongoing strategy to support innovative fintech companies, particularly those positioned to capitalise on underdeveloped markets.
Founded in 2022, Pemo offers an expense management and business payments platform tailored for small to medium enterprises in the UAE, where annual SME spending totalled $122bn.
Currently, only 1.7% of that spending occurred through corporate cards, indicating substantial growth potential.
Pemo has already processed over $1.4bn in transactions and served more than 4,000 businesses.
Led by a team of experienced entrepreneurs with backgrounds at Rocket Internet, Google, Pleo, and Zalora, Pemo aimed to use the funds to enhance its product offerings, improve customer experience, and expand into additional markets.
Based in Dubai with offices in Saudi Arabia and Egypt, Augmentum said Pemo was positioned to tap into key growth markets across the Middle East, where corporate card adoption remained low but economic potential was high.
Augmentum's involvement would bring Perry Blacher, partner at Augmentum Fintech Management, to Pemo's board, with the investment joined by Abu Dhabi's Shorooq Partners as well as existing investors Cherry Ventures, Speedinvest, and Fintech Collective.
"Pemo represents an outstanding opportunity in a rapidly growing market, led by a seasoned team with a proven track record in European fintech," said Augmentum chief executive officer Tim Levene.
"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.
"With our extensive expertise and network in the fintech sector, we are excited to work with Pemo as they expand, unlocking the market's vast potential through transforming expense management and corporate payments, and further accelerating the growth of SMEs in the rapidly developing region."
At 1203 GMT, shares in Augmentum Fintech were down 0.72% at 103p.
Reporting by Josh White for Sharecast.com.
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