- UAE-based fintech Pluto announced its emergence from stealth mode with a $6 million Seed round, led by Global Founders Capital. The round saw participation from Adapt VC, Soma Capital, Graph Ventures and OldSlip group.
- Founded in 2021 by Mohammed Ridwan, Nayeem Zen from Square and Mo Aziz, Pluto enables businesses to streamline their spending management using virtual and physical cards with specific spend controls.
- It plans to utilise the funds to improve its go-to-market strategies as well as to expand its team.
Pluto, corporate spend management startup, raises $6m (AED 22M) in its seed round. The round was led by GFC, with participation from Adapt VC, Soma Capital, Graph Ventures and OldSlip group.
The startup, which is focused on the MENA region, also secured funds from FinTech investors from Silicon Valley and MENA. Among angel investors that joined the round are founders from companies such as Plaid, Airbase, and Ramp. In addition to, MENA founders like Abdulmajeed Alsukhan and Turki bin Zarah of Tamara as well as Hosam Arab of Tabby also contributed capital to this round.
Pluto was founded by Mohammed Ridwan from Shopify and Square – Cash App, Nayeem Zen from Square – CashApp, Uber and Shopify and Mo Aziz, a Y Combinator alumnus.
“In MENA, most businesses distribute cash or personal cards belonging to a manager or a business owner to employees for incurring business expenses. This is because businesses usually have access to a single debit or credit card with no spend controls. Using Pluto, businesses can streamline spending by issuing unlimited virtual or physical cards with spend controls to employees while getting real-time visibility on their expenses through a powerful expense management software,” Mo Aziz, the CEO and co-founder of Pluto told Waya.
Pluto plans to help businesses in MENA digitize cash spend while eliminating the use of employees’ personal cards, by enabling businesses to instantly issue unlimited smart corporate cards with spend controls that can be connected to existing business bank accounts.
“Most businesses use multiple tools today to incur business payments, and to get paid. This includes, using spreadsheets, invoicing tools, accounting tools, expense tracking softwares and more. Our vision is to become the only platform that businesses will need to make payments and to get paid,” Aziz added.
Pluto’s team is planning to spend their capital on rapidly expanding the team in the UAE and North America to bring the product to market within a few months.
“We’re using our newly raised capital on rapidly expanding the team to launch the product soon in the UAE, with plans to launch in KSA later this year,” Aziz told Waya.