Pluto
Deal News | Jan 23, 2025 | Zawya
In a significant development in the corporate finance sector, UAE's Pluto, a leading corporate card and expense management platform, has successfully secured $4.1 million in a pre-Series A funding round. This financial boost is aimed at driving Pluto's expansion into Saudi Arabia and other regional markets. The round saw participation from prominent investors such as Rhino Ventures and Born Capital, and further establishes Pluto's ambition to modernize procure-to-pay solutions in an AI-augmented world. Founded in 2021, Pluto's platform integrates various financial management tools and boasts a client list of major companies like Property Finder and Knight Frank. Notably, the platform has recently launched 'Pluto Connect,' allowing banks to embed Pluto’s functionalities into their operations, thereby enhancing the customer experience and operational efficiency for SMEs. This initiative highlights Pluto's strategic vision to partner with banks, expanding its footprint across the GCC and transforming SME finance management.
Sectors
- Financial Technology
- Venture Capital
Geography
- United Arab Emirates – Pluto is based in the UAE and has gained traction among SMEs & enterprises there.
- Saudi Arabia – Pluto's expansion strategy includes penetrating the Saudi Arabian market.
Industry
- Financial Technology – The article discusses Pluto's platform, which integrates financial management services such as corporate card issuance, expense management, and procurement solutions, making it relevant to the fintech industry.
- Venture Capital – The involvement of various venture capital firms in Pluto's funding round places the article within the venture capital industry.
Financials
- $4.1 million – The total amount raised by Pluto in the pre-Series A funding round.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Pluto | Target company | Company | A UAE-based corporate card and expense management platform aiming to expand its services across the GCC. |
| Rhino Ventures | Investor | Company | A venture capital firm based in Canada, leading the funding round. |
| Born Capital | Investor | Company | A VC firm focused on CFO-centric technologies, participating in Pluto's funding round. |
| Mohammed Ridwan | Co-founder | Person | One of the founders of Pluto, involved in steering the company's strategic goals. |
| Mohammed Aziz | CEO | Person | Pluto's CEO, emphasizing the company's growth and partnership strategies. |
| Ramp | Investor | Company | Previously backed Pluto through its investment. |
| Caroline | PR Contact | Person | PR contact for Pluto from Coco Comms. |