The funding round was led by Speedinvest with the participation of the Dubai Foundation District Fund (DFDF). Kema will focus on optimising its suite of business-to-business (B2B) payments by digitising, automating, and streamlining the invoice-to-cash processes, also known in the industry as accounts receivable. At the same time, the funding round is expected to allow businesses to benefit from accelerated and automated cash flows, while also having the possibility to save time, money, and resources.
Kema will focus on leveraging the funding in order to launch its Software-as-a-Service (SaaS) platform, which was designed to accelerate the development of the small and medium-sized enterprise (SME) segment by hiring talents and scaling its features across the region of the UAE.
Many businesses get stuck in a cycle of limited development, increasing costs, and overall unproductive use of their valuable resources and employees’ time, as the industry presents multiple problems that are compounded by the combination of persistent payment delays, manual invoice follow-ups and workflows, as well as multiple disconnected systems and limited access to small and medium-sized enterprise financing.
Kema will continue to offer easy-to-use, secure, and efficient plug-ins that sync with multiple accounting software, such as Xero and Quickbooks. Businesses will be enabled to access the benefits of using Kema by generating and processing invoices, as well as automatically embedding payment links or sending reminders. At the same time, companies will be enabled to receive payments through a variety of digital channels and access real-time analytics on their cash flow.
Various government programs were launched specifically in order to accelerate the development of SMEs, such as the Dubai International Growth Initiative or the Financial Sector Development Program in KSA. The funding round aligns with the Dubai Economic Agenda (D33), as the local industry focuses on the Future of Finance and the use of technology to digitise core financial functions. Through the use of its deep understanding of small and medium-sized enterprise (SME) financing pain points and its suite of services, Kema is expected to focus on meeting the needs, preferences, and demands of UAE-based customers, while also prioritising the process of remaining compliant with the laws and regulations of the industry.
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