Riyadh – Sharikat Mubasher: UAE-based Pluto, a company specializing in corporate card solutions and expense management, has successfully raised a Pre-Series A funding round worth $4.1 million.
According to a press release, the funding round was led by a group of both existing and new investors, including Rhino Ventures, Born Capital, Goanna Capital, as well as Evolution VC, Freesearch VC, and Tiferes VC.
The company plans to use the new funding to accelerate its regional expansion, particularly in Saudi Arabia, Turkey, and the GCC countries, as well as to develop its capabilities in artificial intelligence to automate accounts payable management for small and medium-sized enterprises (SMEs).
Founded in 2021 by Mohamed Redwan, Mohamed Aziz, and Naeem Zain, Pluto offers a unified platform that combines budget management, AI-powered corporate cards, and management of petty cash, purchases, and invoices.
The company has successfully attracted prominent clients in the UAE, such as Property Finder, Knight Frank, Tamara, and Petrochem.
Recently, Pluto launched the “Pluto Connect” service, which allows banks and financial institutions to integrate corporate card and expense management services into their products. The platform currently serves over 30,000 small and medium-sized businesses through a partnership with a global bank.
