Pluto raises $4.1m pre-Series A to drive KSA expansion
By Gloria Methri
Pluto, a UAE-based corporate card and expense management platform, has raised $4.1 million in a pre-Series A funding round. The news comes just weeks after co-founder Mohammed Ridwan announced that the company had crossed AED 1 billion in spend under Pluto’s management.
The round was led by existing and new investors, including Rhino Ventures – an 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.
“Pluto is delivering a winning product to a market underserved by modern procure-to-pay solutions. Their vision to be the future back office for enterprises is consistent with an AI-augmented world. 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,” said 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 Boring’s Packy McCormick and past executives from Cash App, Shopify, Amazon and more.
Founded in 2021 by Mohammed Ridwan, Mohammed Aziz, and Nayeem Zen, 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 & enterprises in the UAE, working with leading companies, including Property Finder, Knight Frank, Tamara, Petrochem and more.
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