RIYADH: UAE-based fintech startup Pemo has secured $12 million in a seed funding round co-led by venture capital firms Cherry Ventures and Shorooq Partners. Pemo offers businesses invoice payment and expense management solutions, as well as corporate cards for small and medium enterprises. “We’re operating in a region where more than 90 percent 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,” Ayham Gorani, CEO of Pemo, said in a statement. The company will use its newly acquired funds to further grow its product development as well as establish operations into Saudi Arabia and the Middle East North Africa and Pakistan region, according to MAGNiTT.