UAE's fintech Pluto backs regional expansion plans via $4.1mln funding
The funding will support Pluto's expansion in Saudi Arabia and solidify its newly launched product, Pluto Connect, in the GCC market.
The fundraising was led by Rhino Ventures, Born Capital, Goanna Capital, and Tiferes VC, among others.
This transaction followed Co-founder Mohammed Ridwan's announcement that the company had crossed AED1 billion in spend under Pluto's management.
Founded in 2021, Pluto's platform unifies dynamic budget tracking, AI-powered corporate cards with a cashback programme, petty cash management, procurement, invoice and vendor management into a single, intuitive product.
With this fresh injection of capital, Pluto will forge additional partnerships, with markets including Saudi Arabia, Turkey, Bahrain, Kuwait, and Qatar.
Pluto currently powers over 30,000 SMEs through Pluto Connect with one of the largest banks globally.
Mohammed Aziz, CEO of Pluto, commented: '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,' Aziz added.
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