Saudi Press

Saudi Arabia and the world
Sunday, Oct 01, 2023

UAE fintech Pemo to spare no expense in its Saudi launch next year

UAE fintech Pemo to spare no expense in its Saudi launch next year

UAE-based fintech startup Pemo, an all-in-one expense management platform, is planning to start operations in Saudi Arabia in the first quarter of 2023.

In an exclusive interview with Arab News, Ayham Gorani, co-founder and CEO at Pemo, said that the company plans to broaden its footprint across the Gulf Cooperation Council and Egypt.

“We are preparing for our launch, and we aim to begin operations in Saudi Arabia in the first quarter of 2023,” said Gorani.

Pemo Co-Founders Ayham Gorani.

Founded in April 2022, the platform solves spending and reconciliation challenges for finance teams in small and medium enterprises.

“We feel incredibly welcomed and very encouraged by the remarkable effort that Saudi Arabia has demonstrated toward boosting the fintech sector,” added Gorani.

Pemo aims to support the Kingdom’s digital economy strategy in line with the Saudi Central Bank’s vision to modernize the fintech sector.

The company believes the Fintech Strategy Implementation Plan under the Saudi Vision 2030 Financial Sector Development Program Financial Sector Development Program will have a far-reaching impact on the industry.

“This will undoubtedly have a knock-on effect on the nation’s overall economy, boosting Saudi fintech companies to create nearly 18,000 jobs by 2030,” said Gorani.

The company launched its virtual and physical cards with Visa.

The fintech sector is one of the world’s most funded and fastest-growing industries, with the Kingdom planning to triple the number of its fintech companies by 2025.

“Our platform builds operational efficiencies in the spend management processes of SMEs, and many of our clients are, in fact, fintech companies,”

The company raised $12 million in a seed funding round in May and launched its virtual and physical card, Pemo Card, in partnership with Visa.

The cards allow companies to distribute and decentralize their corporate spending by empowering employees to make purchasing decisions within parameters set by department heads or management teams.

“Many companies now prefer using virtual cards for certain services, such as online subscriptions and purchases, as well as media buying on social platforms. So, we want to ensure we’re catering to their business needs and make processes as seamless and easy as possible,” Gorani added.

The company plans to onboard 1,000 companies on its platform in the upcoming months while empowering its customer experience through its virtual cards.


Related Articles

Saudi Press
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Swedish Embassy in Baghdad Engulfed in Flames Amidst a Firestorm of Protests
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Today, we're unveiling the splendor of one of Saudi Arabia's most exclusive and stunning retreats – the Jeddah Yacht Club
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Muslim Tycoon Asif Aziz Receives Approval for the Transformation of the iconic London Trocadero Landmark into Mosque
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
Israeli Prime Minister Netanyahu Hospitalized Due to Dehydration Amidst Summer Heatwave
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Saudi Arabia Joins the Treaty of Amity and Cooperation in Southeast Asia
The Renowned Crown Prince Camel Festival Set to Return to Taif on Aug. 1
Why Do Tech Executives Support Kennedy Jr.?