"We Got Funded!" UAE-Based Pluto US$4.1 Million Pre-Series A Round Follows Launch of Platform That Supports Over 30,000 SMEs The announcement comes just weeks after the company crossed AED1Billion in spend under Pluto's management.
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Dubai-based corporate card and expense management platform Pluto has raised US$4.1 million in a pre-Series A funding round. The round was led by existing and new investors, including Rhino Ventures, a Canada-based early-stage venture capital firm; Born Capital, a VC firm exclusively backing CFO-focused technologies; Goanna Capital, a US-based global private markets investment firm; and Evolution VC, a sector-agnostic VC firm that has backed unicorns like Brex, Ramp and Freshbooks; as well as early-stage VC entities Freesearch VC and Tiferes VC.
The announcement comes just weeks after co-founder Mohammed Ridwan announced that the company had crossed AED1Billion in spend under Pluto's management. Founded in 2021 by Ridwan and his fellow co-founders Mohammed Aziz and Nayeem Zen, Pluto's platform unifies budget tracking, artificial intelligence (AI)-powered corporate cards with a cashback program, petty cash management, procurement, invoice and vendor management into a single, intuitive product.
Since its inception, Pluto has rapidly gained traction across small and medium enterprises (SMEs) as well as major corporations in the UAE, and has already worked with the likes of Property Finder, Knight Frank, Tamara, and Petrochem. The startup has also previously received backing from Silicon Valley spearheads including names like Ramp, Soma Capital, Graph Ventures as well as angel investors including Plaid Co-founder Willliam Hockey, Not Boring's Packy McCormick and past executives from Cash App, Shopify, Amazon and more.
Mohammed Ridwan, Co-Founder and Chief Product Officer, Pluto. Source: Pluto
Pluto's latest milestone, however, has been its flagship solution Pluto Connect which was launched at the start of January 2025. With it, the startup has introduced a business model that allows banks and financial institutions to seamlessly embed Pluto's corporate card and spend management capabilities directly into their own products, allowing banks to modernize their commercial banking capabilities. Currently empowering more than 30,000 SMEs, cofounder Ridwan notes that Pluto Connect is addressing crucial pain points of what is clearly a pivotal economic sector in the UAE.
"SMEs in UAE contribute to 63.5% of the non-oil GDP, with forecasts estimating the numbers of SMEs will grow to $1 million by 2030- but despite being a crucial part of the economy, the financial products available to SMEs are often costly or unsuitable for their needs, even though they make up a significant portion of financial institutions' customer bases," Ridwan tells Entrepreneur Middle East. "With Pluto Connect, we empower Banks and Financial Institutions to provide their customers with a Corporate Card & Spend Control platform that rivals the world-class solutions offered by Silicon Valley unicorns. This allows banks to offer cutting-edge software as part of their value-added services, helping SMEs gain access to tools that enable them to manage budgets, control employee spending, and streamline non-payroll expenditures in a seamless and efficient manner."
With new capital now at its disposal, the Pluto team aims to build on Pluto Connect's potential by continuing to eliminate the need for shared corporate cards, manual data entry and lengthy reconciliation periods through empowering banks and financial institutions to deliver a seamless, value-added experience that deepens customer relationships, streamlines workflows and drives meaningful financial efficiency for SMEs. "One of the leading reasons businesses fail is poor cash flow management," Ridwan continues. "Without clear visibility and control, even profitable companies can run out of money. Every dirham controlled is a dirham that can be intentionally reinvested back into your business. By equipping SMEs with the tools they need to stay on top of their spending, Pluto Connect helps them secure their financial stability, paving the way for sustainable growth and reinvestment."
Source: Pluto
With such an approach, Pluto has managed to differentiate itself in the UAE's fintech ecosystem by proomising to be the only platform serving banks and integrating every critical aspect of financial management - from AI-driven spend control to modern procurement management to automated invoice management- into a single, unified solution. Now, following the Pre-Series A round, the startup now hopes to replicate its success in Saudi Arabia as well- and for starters, the platform hopes to offer the Kingdom with compliant procurement processes that are localized. "KSA's economy is driven by construction, development and manufacturing projects, yet many companies lack robust procurement processes," Ridwan says. "Legacy enterprise resource plannings (ERPs) fail to address the Kingdom's unique requirements, such as language localization, regulatory compliance, and the need for a mobile-first, user-friendly procurement experience. Pluto's highly intuitive, Arabic-first user interface (UI) and customizable procurement workflows enable businesses to streamline purchasing while ensuring compliance with local regulations. With mobile-first capabilities and seamless user experiences, Pluto is designed to meet the expectations of modern Saudi businesses."
A major step in expanding into the Kingdom came via Pluto's collaboration Al Rajhi Bank's financial digital solutions subsidiary Neoleap in September 2024. With the newly raised funds, Ridwan and his team aim to build on that momentum. As such, Pluto will also be eyeing ways to ensure budget management in a multi-payment ecosystem while also managing operations across GCC borders. "Saudi Arabia's financial ecosystem is highly diverse, incorporating multiple payment methods such as Mada, e-invoicing, petty cash, wire transfers, and more," Ridwan notes. "Businesses therefore often struggle with managing budgets effectively when employees spend using mixed methods, leading to challenges in tracking and controlling expenses. Pluto thus aims to provide centralized visibility and control over budgets across various payment methods. Whether it's corporate cards, petty cash, or wire transfers, Pluto ensures real-time tracking and seamless integration with financial systems, enabling businesses to stay on top of their spending. Additionally, many businesses operating in KSA also have cross-border teams and operations across other GCC countries, adding layers of complexity to expense management, compliance, and financial reporting. Pluto's platform is built to handle the nuances of operating in the GCC, offering multi-subsidiary support, localized compliance tools, and cross-border expense management. This enables businesses to simplify their operations while maintaining consistency and control."
