Pluto, the United Arab Emirates’ corporate card and expense management platform, announced that it has secured $4.1 million in a pre-Series A funding round.
The development comes shortly after Pluto’s co-founder Mohammed Ridwan revealed that the platform surpassed AED1 billion in cumulative spend under management, underscoring its rapid growth in the region.
The funding round was led by a combination of existing and new investors, including Rhino Ventures, Born Capital, Goanna Capital, Evolution VC, Freesearch VC, and Tiferes VC.
Rhino Ventures, a prominent early-stage venture capital firm from Canada, hailed Pluto’s speed of execution and product quality, stating it sees Pluto’s vision as in line with “an AI-augmented world.”
The round also drew attention from Born Capital, which invests exclusively in CFO-focused technologies, and Goanna Capital, known for its stakes in global tech successes such as Ramp, Rippling, and Figma.
Previously, Pluto secured backing from well-known Silicon Valley figures, including investment leaders like Ramp, Soma Capital, and Graph Ventures.
Notable angel investors—among them Plaid Co-founder William Hockey, Not Boring’s Packy McCormick, and past executives from Cash App, Shopify, and Amazon—have also contributed to Pluto’s early success.
Founded in 2021 by Mohammed Ridwan, Mohammed Aziz, and Nayeem Zen, Pluto’s platform offers a consolidated approach to financial management.
The system features AI-powered corporate cards, a cashback program, dynamic budget monitoring, petty cash controls, and procurement and invoice management in one interface.
This all-in-one solution has garnered interest from major enterprises, including Property Finder, Knight Frank, Tamara, and Petrochem.
Central to the company’s growth strategy is Pluto Connect, a recently launched flagship solution that lets banks and financial institutions embed Pluto’s card-issuing and spend management features into their own products.
Through a partnership with one of the world’s largest banks, Pluto already supports over 30,000 SMEs.
With the new funding, Pluto intends to deepen collaborations with additional global financial institutions, focusing on markets such as Saudi Arabia, Turkey, Bahrain, Kuwait, and Qatar.
The company also aims to reinforce its AI capabilities to further automate accounts payable management.
Pluto stands out in the UAE as the only bank-focused platform integrating every critical aspect of financial oversight—spend control, procurement, and invoice management—into one streamlined solution.
According to CEO Mohammed Aziz, the company’s mission is to meet the evolving demands of SMEs, which increasingly look to banks for added value.
By leveraging Pluto’s unified platform, banks can strengthen customer relationships, reduce manual processes, and boost financial efficiency for small- and medium-sized enterprises.
This latest funding underscores Pluto’s significant momentum, following its recent recognition by G2, where it was ranked #1 in EMEA for Procure to Pay Solutions and listed among the global Top 10 in both Enterprise and SMB Expense Management.
Recent strategic moves include a collaboration with neoleap by Al Rajhi Bank to expand operations into Saudi Arabia, and a partnership with Mastercard aimed at enhancing B2B payment solutions across the GCC region.
