Founded in 2022, Pemo recently surpassed $1.4 billion in transactions and works with over 4,000 businesses. Headquartered in Dubai with offices in Saudi Arabia and Egypt, the company is considered well-positioned to expand its operations across the region, where corporate cards are underdeveloped compared to Europe.The firm also has a seasoned team, co-founded by serial entrepreneurs and Rocket Internet and Google alumni, Ayham Gorani, Valerie Konde, Alessandro Duri, and Saed Ghorani, with previous experience at spend management company Pleo and ecommerce platform Zalora.Augmentum’s participation in the round is alongside investment by Abu Dhabi-based Shorooq Partners, a technology-focused VC covering the Mena region, and joins existing investors including Cherry Ventures, Speedinvest and Fintech Collective. Tim Levene, CEO of Augmentum Fintech says: “Pemo represents an outstanding opportunity in a rapidly growing market, led by a seasoned team with a proven track record in European fintech. 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.”