Dubai-based corporate card and expense management platform Pluto has raised $4.1 million in a pre-Series A round led by Rhino Ventures, with participation from Born Capital, Goanna Capital, Evolution VC, Freesearch VC, and Tiferes VC, it announced in a statement today. The news comes shortly after the company reported crossing AED1 billion ($270 million) in spend under management.
Founded in 2021 by Mohammed Ridwan, Mohammed Aziz, and Nayeem Zen, Pluto offers a unified platform for dynamic budget tracking, AI-powered corporate cards with cashback programs, petty cash management, procurement, and invoice and vendor management. The startup has gained significant traction in the UAE, working with prominent companies including Property Finder, Knight Frank, Tamara, and Petrochem.
The startup has previously received backing from notable Silicon Valley investors, including Plaid Co-founder William Hockey, Not Boring’s Packy McCormick, and former executives from Cash App, Shopify, and Amazon. Its investors also include firms that have backed unicorns like Brex, Ramp, Rippling, and Figma.
“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,” said a spokesperson from Rhino Ventures.
The company recently launched Pluto Connect, a solution that enables banks and financial institutions to embed its corporate card and spend management capabilities into their own products. Through this solution, Pluto currently serves over 30,000 SMEs in partnership with one of the world’s largest banks.
Mohammed Aziz, CEO of Pluto, said, “In 2025, SMEs expect way more from their banks than just using them as depository accounts. 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.”
The startup has achieved several recent milestones, including partnering with neoleap by Al Rajhi Bank for Saudi expansion, and forming a strategic partnership with Mastercard for B2B payment solutions across the GCC.
Pluto plans to use the fresh capital to strengthen its bank-integrated approach and expand into new markets including Saudi Arabia, Turkey, Bahrain, Kuwait, and Qatar. The company will also enhance its AI-driven capabilities to deliver a fully automated Accounts Payable management platform for SMEs.
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