AUGM.L

Augmentum Fintech plc
Augmentum Fintech plc - USD4.0 million investment into Pemo
13th November 2024, 07:00
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13 November 2024

Augmentum Fintech plc

USD4.0 million investment into Pemo

Augmentum Fintech plc (LSE: AUGM) (the "Company" or "Augmentum"), Europe's
leading publicly listed fintech fund, announces that it is leading a USD7.0
million funding round with a USD4.0 million investment into UAE-based Pemo.

Founded in 2022, Pemo (www.pemo.io) provides an expense management and business
payments solution, via corporate cards, to SME businesses in the UAE, where SMEs
spend USD122 billion annually and where currently only 1.7% of payments are on
corporate cards1. Pemo recently surpassed USD1.4 billion in transactions and
works with over 4,000 businesses.

Pemo was co-founded by serial entrepreneurs and Rocket Internet and Google
alumni, Ayham Gorani, Valerie Konde, Alessandro Duri, and Saed Ghorani. The team
has extensive company-building experience, including spend management company
Pleo and ecommerce platform Zalora.

Pemo intends to use the investment to drive further innovation in its product,
continue to deliver an exceptional experience for its customers, and expand into
additional markets.

Headquartered in Dubai, Pemo also has offices in Saudi Arabia and Egypt, making
it well positioned to expand into key high-growth markets across the Middle East
where corporate card-based solutions are underdeveloped compared to Europe and
where SMEs are expected to contribute to significant economic growth.

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.

Augmentum Fintech Management Ltd Partner Perry Blacher will join the Pemo board.

Tim Levene, CEO of Augmentum Fintech said:"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. 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."

Ayham Gorani, Co-Founder of Pemo said: "We are on a mission to help businesses
save time and money, and with this new funding we are excited to strengthen our
presence further, enhance our product offering, and expand into new markets.
Having the backing of leading European fintech VC Augmentum Fintech along with
our other incredible investors, who bring a wealth of industry and market
knowledge to the fore, will accelerate our expansion and delivery of an even
greater experience for our customers."

Notes:

 1. Mastercard SME UAE Landscape 2023

Enquiries

Augmentum Fintech                           +44 (0)20 3961 5420

Tim Levene (Portfolio Manager)              georgie@augmentum.vc

Georgie Hazell Kivell (Investor Relations)
Quill PR                                    +44 (0)7815 823412
                                            +44 (0)7702 412680
Nick Croysdill, Sarah Gibbons-Cook          press@augmentum.vc

(Press and Media)
Peel Hunt LLP                               +44 (0)20 7418 8900

Liz Yong, Huw Jeremy

(Investment Banking)
Singer Capital Markets                      +44 (0)20 7496 3000

James Moat, James Fischer

(Investment Banking)
Frostrow Capital LLP                        +44 (0)20 3709 8733

Paul Griggs (Company Secretary)

About Augmentum Fintech

Augmentum invests in fast growing fintech businesses that are disrupting the
financial services sector. Augmentum is the UK's only publicly listed investment
company focusing on the fintech sector in the UK and wider Europe, having
launched on the main market of the London Stock Exchange in 2018, giving
businesses access to patient capital and support, unrestricted by conventional
fund timelines and giving public markets investors access to a largely privately
held investment sector during its main period of growth.

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