Fintech startup Kema closes USD 2 mn pre-seed round

Dubai-based fintech Kema has raised USD 2 mn in a pre-seed round led by DubaiFoundation District Fund and VC firm Speedinvest, according to a press release. The funding will help the fintech firm launch its Software-as-a-Service (SaaS) platform, expand its presence and services in the UAE, and hire new talent.

About Kema: Co-founded by Michael Ghandour, co-founder of mumzworld.com, Kema aims to accelerate SMEs’ cashflow by facilitating their financial operations using an automated invoicing system. Since its private beta launch in 2Q 2023, the fintech processed more than AED 16.5 mn in invoices, and now claims to be able to slash the duration of the account receivables process by up to 50%, according to co-founder and CTO Akash Rao.