Pluto, corporate spend management startup, raises $6m (AED 22M) in its seed round. The round was led by GFC, with participation from Adapt VC, Soma Capital, Graph Ventures and OldSlip group.
The startup, which is focused on the MENA region, also secured funds from FinTech investors from Silicon Valley and MENA. Among angel investors that joined the round are founders from companies such as Plaid, Airbase, and Ramp. In addition to, MENA founders like Abdulmajeed Alsukhan and Turki bin Zarah of Tamara as well as Hosam Arab of Tabby also contributed capital to this round.
Pluto was founded by Mohammed Ridwan from Shopify and Square – Cash App, Nayeem Zen from Square – CashApp, Uber and Shopify and Mo Aziz, a Y Combinator alumnus.
Pluto plans to help businesses in MENA digitize cash spend while eliminating the use of employees’ personal cards, by enabling businesses to instantly issue unlimited smart corporate cards with spend controls that can be connected to existing business bank accounts.
Pluto’s team is planning to spend their capital on rapidly expanding the team in the UAE and North America to bring the product to market within a few months.
