Pluto Raises $4.1mln Pre-Series A to Drive KSA Expansion
Summary
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, says Rhino Ventures.Pluto has previously received backing from Silicon Valley spearheads including investment leaders like Ramp, Soma Capital, Graph Ventures and angel investors including Plaid Co-founder Willliam Hockey, Not Borings Packy McCormick and past executives from Cash App, Shopify, Amazon and more.Founded in 2021 by Mohammed Ridwan, Mohammed Aziz and Nayeem Zen, Plutos platform unifies dynamic budget tracking, AI-powered corporate cards with an unmatched cashback program, petty cash management, procurement, invoice and vendor management into a single, intuitive product. Since its inception, Pluto has rapidly gained traction across SMEs & enterprises in the UAE, working with leading companies including Property Finder, Knight Frank, Tamara, Petrochem and more.With Pluto Connect, recently launched as a flagship solution, Pluto introduces a new business model that allows banks and financial institutions to seamlessly embed its corporate card and spend management capabilities directly into their own products, allowing banks to modernize their commercial banking capabilities. With this fresh injection of capital, Pluto will double down on its bank-integrated approach, forging additional partnerships globally with markets including Saudi Arabia, Turkey, Bahrain, Kuwait and Qatar and further enhancing its AI-driven capabilities to deliver on a fully automated Account Payables management platform for SMEs.In 2025, SMEs expect way more from their banks than just using them as depository accounts. By eliminating the need for shared corporate cards, manual data entry and lengthy reconciliation periods, Pluto empowers banks and financial institutions to deliver a seamless, value-added experience that deepens customer relationships, streamlines workflows and drives meaningful financial efficiency for SMEs.This raise is a significant step forward in Plutos growth strategy. The news follows recent achievements, including being ranked #1 in EMEA for Procure to Pay Solutions and recognised as a Top 10 provider globally in both Enterprise and SMB Expense Management by G2, Plutos collaboration with neoleap by Al Rajhi Bank to expand operations into Saudi Arabia and Plutos strategic partnership with Mastercard to further fuel B2B payment solutions across the GCC.