- UAE-based fintech startup Pluto raises USD 4.1 million in a pre-Series A funding round.
- The funding will aid in accelerating their expansion regionally in Saudi Arabia, Turkey, Bahrain, Kuwait and Qatar.
- They also aim to support their newly launched Pluto Connect.
UAE-based fintech startup Pluto raises USD 4.1 million in a pre-Series A funding round. The round was led by Rhino Ventures, Born Capital, Goanna Capital and Evolution VC.
“Pluto is delivering a winning product to a market underserved by modern procure-to-pay solutions. Their vision to be the future back office for enterprises is consistent with an AI-augmented world. Having demonstrated a speed of execution and quality of product on par with global leaders in the space, we feel privileged to partner with the team at Pluto.”
Rhino Ventures
Pluto
Founded in 2021 by Mohammed Ridwan, Mohamed Aziz and Nayeem Zen, Pluto is a corporate card and expense management platform. The platform unifies dynamic budget tracking, AI powered corporate cards with a cashback program, petty cash management, procurement, invoice and vendor management into a single intuitive product.
The platform has gained traction across SMEs in the UAE as they currently power over 30,000 SMEs though Pluto Connect. They are working with companies such as Property Finder, Knight Frank, Tamara, Petrochem and more.
Expansion
With their new funding, Pluto aims to cement its bank-integrated approach. Meanwhile, they are seeking to forge new partnerships globally with markets including Saudi Arabia, Turkey, Bahrain, Kuwait and Qatar. In addition, they aim to enhance their AI-driven capabilities to deliver a fully automated Account Payables management platform for SMEs.
They recently launched Pluto Connect which is a new business model that allows banks and financial institutions to seamless embed its corporate cards and spend management capabilities directly into their own product thus allowing banks to modernize their commercial banking capabilities
“In 2025, SMEs expect way more from their banks than just using them as depository accounts. Value added services are a key strategy for most banks in the region. Partnering with banks and financial institutions allows Pluto to bring our world class solutions to more customers globally and allows such institutions to provide a world class experience back to their customers,” said Mohammed Aziz, CEO of Pluto.
Pluto’s uniqueness within the UAE is in that it is a platform serving banks and integrating every critical aspect of financial management from AI-driven spend control to modern procurement management to automated invoice management into a single unified solution. They eliminate the need for shared corporate cards, manual data entry and lengthy reconciliation periods
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