UAE-Based Fintech Startup Pluto Secures $4.1Million Pre-Series

Pluto, a UAE-based fintech startup, raised $4.1 million in a pre-series A funding round. The funding marks a milestone for the company as it sets its sights on expanding operations into Saudi Arabia and enhancing its flagship product, Pluto Connect, across the Gulf Cooperation Council (GCC) region.

This funding round attracted a mix of investors, including Rhino Ventures, Born Capital, Goanna Capital, Evolution VC, Freesearch VC and Tiferes VC.

Founded in 2021 by Mohammed Ridwan, Mohammed Aziz and Nayeem Zen, Pluto specialises in providing businesses with tools to manage their spending. Its offerings include both virtual and physical cards with built-in spend controls, designed to streamline financial operations for organisations of all sizes.

The new funds will be allocated toward Pluto’s expansion into Saudi Arabia, a key market for growth within the region. Additionally, the startup plans to enhance Pluto Connect, its proprietary product that simplifies and optimises business expense management.

This latest funding follows a $6 million seed round in early 2022, led by Global Founders Capital.