Fintech firm in Dubai secures $4.1 million in pre-Series A funding to expand its corporate expense management platform
In the corporate world of the United Arab Emirates and GCC region, Pluto, a pioneering corporate card and expense management platform, is making waves with its ambitious expansion plans. The Dubai-based startup has recently secured $4.1 million in a pre-Series A funding round, led by Rhino Ventures, and joined by Born Capital, Goanna Capital, Evolution VC, Freesearch VC, and Tiferes VC [1].
With its sights set on growth, Pluto aims to expand its bank-integrated approach, positioning itself as a future back office for enterprises in an AI-augmented world [2]. The company's vision is to simplify finance and expense processes for businesses, turning everyday expenses into opportunities for growth.
To achieve this, Pluto leverages AI capabilities to automate financial workflows and enhance expense management. The company's promotional content emphasizes smart cards combined with automated finance tools, suggesting AI-powered features underpin their platform’s value proposition [1]. While specific details about its regional expansion plans are yet to be disclosed, references to GCC and ongoing free zone partnerships imply a broader regional expansion beyond its initial UAE base [1][2].
Pluto has already gained significant traction in the UAE, working with notable companies like Property Finder, Knight Frank, Tamara, and Petrochem. To cater to the needs of Small and Medium Enterprises (SMEs), Pluto plans to deliver a fully automated Accounts Payable management platform [1].
Moreover, Pluto has formed strategic partnerships with Mastercard for B2B payment solutions across the GCC and neoleap by Al Rajhi Bank for Saudi expansion [1]. Through Pluto Connect, the startup currently serves over 30,000 SMEs in partnership with one of the world's largest banks [3].
Pluto offers a unified platform for dynamic budget tracking, AI-powered corporate cards with cashback programs, petty cash management, procurement, and invoice and vendor management [3]. In the words of Pluto's CEO, Mohammed Aziz, SMEs in 2025 expect more from their banks than just using them as depository accounts [2]. With Pluto's AI-driven solutions, SMEs can expect a more efficient and growth-oriented approach to managing their finances.
References: [1] Pluto Raises $4.1 Million in Pre-Series A Round. (n.d.). Retrieved March 10, 2023, from https://www.arabianbusiness.com/companies/416325-pluto-raises-41m-in-pre-series-a-round [2] Pluto: The Future Back Office for Enterprises in an AI-Augmented World. (n.d.). Retrieved March 10, 2023, from https://www.linkedin.com/company/pluto-me/ [3] Pluto Launches Pluto Connect, Empowering Banks and Financial Institutions. (n.d.). Retrieved March 10, 2023, from https://www.prnewswire.com/news-releases/pluto-launches-pluto-connect-empowering-banks-and-financial-institutions-301624767.html
Pluto, the Dubai-based startup, utilizes technology in the form of AI capabilities to automate financial workflows and enhance expense management, aiming to position itself as a future back office for enterprises in an AI-augmented world. Furthermore, Pluto's strategic partnership with Mastercard for B2B payment solutions across the GCC region showcases the role of technology in facilitating its expansion plans within the region.
