UAE-based fintech startup Pluto has secured US$4.1Mn in a pre-Series A funding round to fuel its expansion into the Kingdom of Saudi Arabia (KSA) and strengthen its presence in the GCC market with its product, Pluto Connect. The round saw contributions from both existing and new 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 offers a corporate card and expense management platform designed to help businesses manage spending through virtual and physical cards equipped with specific spending controls.

This new funding follows a US$6Mn seed round raised in early 2022, led by Global Founders Capital, with participation from Adapt VC, Soma Capital, Graph Ventures, and OldSlip Group. Since its launch, Pluto has garnered attention and support—including endorsements, from Silicon Valley investors and executives from major companies like Cash App, Shopify, and Amazon.

The investment reflects confidence in Pluto's approach to modernizing procure-to-pay solutions for enterprises, combining dynamic budget tracking, AI-powered corporate cards, petty cash management, procurement, invoice, and vendor management into a single product. The company's rapid growth and recent milestone of managing over AED1 Bn in spending highlight its potential and impact within the fintech sector.