Led by Rhino Ventures, Born Capital, Goanna Capital, and Tiferes VC, among others, the funding round is set to support Pluto in its expansion strategy in Saudi Arabia. Additionally, the capital injection aims to solidify the company’s newly introduced product, Pluto Connect, in the GCC market. Since the start of its operations, Pluto, through its platform, has been focusing on unifying dynamic budget tracking, AI-enabled corporate cards with a cashback programme, petty cash management, invoice and vendor management into a single product.
Prior to this announcement, Pluto has seen significant support from investors such as Ramp, Soma Capital, Graph Ventures, and angel investors. The company’s position in the industry has also been assisted by its collaborations with other industry participants, including Tamara, property Finder, Knight Frank, and Petrochem.
Besides further growing its footprint and augmenting its Pluto Connect product, Pluto is set to leverage the capital injection to enter additional partnerships, with markets including Saudi Arabia, Turkey, Bahrain, Kuwait, and Qatar. At the time of the announcement, Pluto assisted over 30,000 small and medium-sized enterprises (SMEs) via Pluto Connect with one of the largest banks worldwide.
Commenting on the announcement, representatives from Pluto underlined that partnering with banks and financial institutions enables their company to deliver its solutions to more customers globally and allows these entities to offer an optimised experience back to their users. Additionally, they highlighted that currently, SMEs expect more from their banks than just leveraging them as depository accounts. Services such as those provided by Pluto can help banks further advance their operations while meeting the needs, demands, and preferences of their clients.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now