Pluto, UAE’s leading corporate card and expense management platform, announced the successful raise of $4.1 million in a pre-Series A funding round.
The round was led by existing and new investors, including Rhino Ventures, a leading early-stage venture capital firm in Canada, Born Capital, a venture capital firm exclusively backing CFO-focused technologies, Goanna Capital, known for its investments in Ramp, Rippling and Figma, Evolution VC, who has backed unicorns like Brex, Ramp and Freshbooks, Freesearch VC and Tiferes VC, the company said.
The latest funding round comes just weeks after co-founder Mohammed Ridwan announced that the company had crossed AED 1 billion in spend under Pluto’s management.
Founded in 2021, Pluto’s 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 and enterprises in the UAE, working with leading companies including Property Finder, Knight Frank, Tamara, Petrochem and more, the company said.
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 Boring’s Packy McCormick and past executives from Cash App, Shopify, Amazon and more.
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