Pluto, the UAE-based corporate card and expense management platform, has raised $4.1 million in a pre-Series A funding round. With this fresh capital, Pluto is set to expand its presence in Saudi Arabia (KSA) and further establish its flagship product, Pluto Connect, across the GCC market.
Backing from Leading Investors
The funding round saw participation from a mix of existing and new investors. This collection includes Rhino Ventures, Born Capital, Goanna Capital, Evolution VC, Freesearch VC, and Tiferes VC. Rhino Ventures praised Pluto’s ability to execute at a global standard, stating, “Pluto’s vision of becoming the future back office for enterprises aligns perfectly with an AI-driven world.”
This isn’t Pluto’s first big win. The startup raised $6 million in a seed round in early 2022, led by Global Founders Capital. They had support from other notable investors like Soma Capital, Graph Ventures, and Plaid Co-founder William Hockey.
Pluto can transform Saudi SME Finances
Launched in 2021 by Mohammed Ridwan, Mohammed Aziz, and Nayeem Zen, Pluto integrates corporate cards, dynamic budget tracking, petty cash management, and procurement into one easy-to-use platform. The company’s tools are AI-powered and include a standout cashback program. In fact, this feature is what has attracted leading clients like Property Finder, Tamara, and Knight Frank.
Therefore, Pluto’s innovative features have helped it manage AED 1 billion in business spending to date. In effect, positioning it as a go-to solution for SMEs and enterprises in the region.
What Is Pluto Connect?
Pluto Connect, Pluto’s flagship product, enables banks and financial institutions to embed Pluto’s spend management and corporate card features into their own platforms. This approach helps banks modernize their offerings and provide value-added services to their customers.
Pluto Connect already powers over 30,000 SMEs globally in partnership with one of the world’s largest banks. With the new funding, Pluto aims to expand its partnerships in markets like Saudi Arabia, Turkey, Bahrain, and Qatar while refining its AI-driven automation tools for account payables management.
Strategic Growth and Recognition
Pluto’s recent achievements include a #1 ranking in EMEA for Procure-to-Pay Solutions. Not just that, it also got recognition as a Top 10 global provider for both SMB and enterprise expense management by G2. The platform has also partnered with neoleap by Al Rajhi Bank to establish operations in Saudi Arabia and joined forces with Mastercard to enhance B2B payment solutions across the GCC.
“SMEs today expect more from their banks than just deposit accounts,” said Mohammed Aziz, Pluto’s CEO. “By partnering with banks, we can bring our cutting-edge solutions to a broader audience while helping financial institutions offer a seamless, modern experience to their customers.”
A bright future for Pluto in Saudi Arabia and beyond
With its unique bank-integrated model and AI-driven automation, Pluto is transforming how SMEs and financial institutions manage expenses and streamline workflows. This latest funding round marks an important milestone in Pluto’s journey to becoming a key player in the region’s fintech ecosystem.
