Pluto Secures $4.1 Million Pre-Series A Funding to Drive Regional Growth

UAE-based fintech startup Pluto has raised $4.1 million in a pre-Series A funding round led by Rhino Ventures, Born Capital, Goanna Capital, and Evolution VC. This funding will be used to accelerate Pluto’s regional expansion in markets such as Saudi Arabia, Turkey, Bahrain, Kuwait, and Qatar, alongside enhancing its innovative platform and new service, Pluto Connect.

Founded in 2021 by Mohammed Ridwan, Mohamed Aziz, and Nayeem Zen, Pluto offers a unified platform for corporate expense and financial management. The solution integrates dynamic budget tracking, AI-powered corporate cards with cashback programs, petty cash management, procurement, invoice processing, and vendor management into a single platform. By streamlining these operations, Pluto aims to address the complex financial management needs of small and medium-sized enterprises (SMEs).

Rhino Ventures, one of the lead investors in the round, expressed confidence in Pluto’s vision, stating, “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.”

Regional Expansion Goals

With the fresh capital injection, Pluto plans to strengthen its bank-integrated financial management model while pursuing new partnerships in the Gulf Cooperation Council (GCC) region and beyond. The company’s focus will include enhancing its AI-driven features to develop a fully automated accounts payable management platform for SMEs.

Pluto is also expanding its reach through Pluto Connect, a recently launched business model that enables banks and financial institutions to embed Pluto’s corporate card and spend management solutions directly into their offerings. This initiative is designed to modernize commercial banking services and extend Pluto’s technology to a broader customer base. According to Mohamed Aziz, CEO of Pluto, “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.”

Comprehensive Financial Solutions

Pluto differentiates itself in the fintech market by offering a holistic financial management platform that eliminates common pain points such as manual data entry, shared corporate cards, and lengthy reconciliation periods. Its integrated approach combines AI-driven expense control, modern procurement solutions, and automated invoice management, making it an all-in-one solution for SMEs.

Currently, Pluto powers over 30,000 SMEs in the UAE and collaborates with prominent companies like Property Finder, Knight Frank, Tamara, and Petrochem. By prioritizing seamless integration and innovative features, Pluto aims to solidify its position as a leader in corporate financial management across the region.

This funding round underscores Pluto’s commitment to supporting businesses in streamlining their financial processes and adapting to the evolving demands of the modern financial landscape.