UAE spend management platform Pemo has launched its first business account for small and medium-sized enterprises (SMEs), combining business spending tools with Shariah-compliant banking services through a partnership with ruya.
The account, issued by ruya, allows SME customers to manage corporate cards, payments, spending and surplus cash through a single platform. Customers can place idle cash into a Wakala deposit, with an expected profit rate of up to 3.75%, with no minimum balance requirement and no lock-in period.
SME banking
Pemo said the account is designed to provide small businesses with easier access to financial tools that are often available mainly to larger companies.
The account is integrated into Pemo’s existing platform, where businesses can monitor expenses, manage payments and use AI-driven insights to understand available cash that could potentially be allocated while maintaining daily liquidity needs.
“This is a big moment for Pemo and we are extremely happy to build it in a partnership with ruya. However it is one step, not the destination. Small businesses have been underserved for too long, made to choose between tools that each do one thing. We are building the financial operating system that brings it all together, and a Wakala Deposit where idle cash may earn an expected profit of up to 3.75% is a major part of that. It is the foundation for much more to come. We are just getting started!” said Ayham Gorani, Co-Founder and CEO of Pemo.
Banking partnership
The business account is issued by Ruya Community Islamic Bank, an Ajman-based digital Islamic bank licensed and regulated by the Central Bank of the UAE.
Christoph Koster, CEO of ruya, said: “At ruya, we believe ethical Islamic finance and modern technology should work together to serve the communities and businesses that are too often left behind. Small businesses are the backbone of the UAE economy, yet they have rarely had access to the tools larger corporates take for granted. Our partnership with Pemo gives SMEs access to a Shariah-compliant business account where their idle cash may earn an expected profit if they proceed with opening a Wakala deposit with us, and where day-to-day finances are simpler to run. This is exactly the kind of inclusive, principled innovation ruya was built to deliver.”
SME sector
SMEs account for 94% of companies operating in the UAE and employ 86% of the private-sector workforce, contributing an estimated 63.5% of the country’s non-oil GDP.
The UAE has set a target of reaching one million SMEs by 2030 as part of its economic diversification plans, supported by funding programmes, guarantee schemes and procurement initiatives.
Pemo said the new account aims to help businesses manage cash, payments and spending through fewer platforms while allowing them to access potential returns on surplus funds through a Wakala deposit with ruya.
Company growth
The launch follows Pemo’s expansion across the UAE, with the company now serving more than 6,000 businesses and securing over $19 million in funding.
The company said it has released more than 200 product updates covering areas such as AI-powered automation, corporate cards, expense management and invoice tools.
Mohammad Al Zaben, CEO of ClearGrid, said: “Bringing spend, cards and payments into a single platform is exactly the kind of simplification a fast-growing finance team wants. That is why we signed on early with Pemo, and we are looking forward to seeing this new product in action.”
tanvir@dubainewsweek.com
