back Back

Pemo launches VISA payment card for UAE SMEs

By Leandra Monteiro

August 24, 2022

  • BaaS
  • Banking-as-a-Service
  • Instant Payments
Share

PemoPemo, the UAE-based spend management platform empowering businesses across the Middle East, North Africa and Pakistan (MENAP), announced that it has launched its newest product offering in the form of physical and virtual VISA payment cards.

Tailored to the requirements of small and medium-sized enterprises (SMEs), the company began onboarding its first batch of UAE-based companies in May 2022, allowing early adopters to access the platform’s beta features, including digitized invoices, automated approval flows, one-click invoice payments and real-time cash flow monitoring. Users can now upgrade to the full Pemo experience with the introduction of prepaid smart cards that can be distributed to employees.

Ayham Gorani, Co-Founder & Chief Executive Officer at Pemo said, “Managing efficient employee spend and expense reports in a company is a challenge that any accountant, finance director and general manager can relate to. Our mission at Pemo from day one was to tackle this by eliminating administrative tasks and enabling a healthy spending culture.  With the launch of Pemo cards, businesses now have a frictionless end-to-end solution that automatically categorizes employee expenses, captures receipts for every transaction, and offers management teams complete visibility on corporate spending.”

Pemo has joined forces with MENA-based plug-and-play Banking-as-a-Service (BaaS) provider, NymCard, to offer a comprehensive and fully compliant digital banking experience with the issuance of secure virtual and physical cards that have been integrated into the company’s spend management platform.

Omar Onsi, CEO of NymCard said, “We are thrilled to be enabling such an innovative product like Pemo on our modern BaaS platform. Pemo is solving a major pain point in the region by offering prepaid and virtual cards to SMBs in order to streamline their expense management process, making it a lot simpler and easier.”

Business owners and management teams fund their Pemo account through a bank transfer, after which employees are invited to create individual accounts.  The platform then determines an expense policy for each user.  Virtual cards can be used for online purchases and subscriptions, while physical cards can be used in store, with both versions offering the primary account holder the flexibility of setting parameters, such as unlocking access to select vendors or limiting total spend. Receipts from all transactions can then be uploaded to the Pemo platform, allowing a holistic view and real-time tracking of expenses through a shared dashboard.

Pemo cards will initially be rolled out across the UAE, with the full platform expected to be available in other regional markets, such as Saudi Arabia, Egypt and Pakistan in the next 18 months. The latest development comes following the announcement of Pemo’s USD 12 million seed round in May 2022.

Previous Article

August 24, 2022

Bank of Ghana goes live on EMTECH’s regulatory platform

Read More
Next Article

August 24, 2022

LianLian Global and Uncapped partner to offer flexible e-commerce finance

Read More






IBSi Daily News Analysis

May 28, 2024

BaaS

Latin America becomes a hotbed for FinTech unicorns and tech innovation

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Nexi offers Tap to Pay on iPhone for merchants in Italy

Read More

May 29, 2024

Currencycloud selects Form3 for Confirmation of Payee in the UK

Read More

May 29, 2024

5 Major FinTech Acquisitions announced in Europe in May 2024

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023