Total amount raised
CA$35 Millions
Latest funding date
12/01/2022
Location
Plooto has successfully raised funds through multiple rounds, with the latest being a Series B round closed on December 13, 2022. The company has attracted eight investors, including notable names like FINTOP Capital and Luge Capital.
Keep reading to explore the intricacies of Plooto's fundraising journey and the investors backing this innovative platform.
What Is Plooto?
Plooto, founded in 2015 by Hamed Abbasi and Serguei Kloubkov, is a payment management platform based in Toronto, Ontario, Canada. The company focuses on automating and streamlining payments for small and medium-sized businesses.
With a team of 101-250 employees, Plooto enables businesses to send payments to anyone with an active bank account within 2-3 business days. The platform also integrates with leading accounting software for automatic transaction reconciliation.
Plooto's mission is to simplify accounts payable and receivable processes, providing secure and efficient payment solutions. Over 10,000 businesses rely on Plooto to manage their financial operations seamlessly.
How Much Funding Has Plooto Raised?
- Seed Round (Aug 7, 2015)
- Amount Raised: Not publicly disclosed
- Date: August 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial funding to develop and launch the platform.
- Seed Round (Jan 1, 2020)
- Amount Raised: Not publicly disclosed
- Date: January 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage growth and product development.
- Series A (Apr 21, 2021)
- Amount Raised: $6.34 million USD
- Date: April 2021
- Lead Investors: FINTOP Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and further develop financial solutions.
- Series B (Dec 13, 2022)
- Amount Raised: $20 million USD
- Date: December 2022
- Lead Investors: Centana Growth Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To drive customer expansion, introduce new product lines, ramp up hiring, and customize offerings for more businesses.
Total Amount Raised: $26.34 million USD. Current Valuation: Not publicly disclosed.
Key Investors
- Centana Growth Partners
- Details: Centana Growth Partners is a specialized growth equity firm that invests in the future of finance. They collaborate with companies across the financial services ecosystem, from institutions to fintech disruptors.
- Investment Focus Areas: Future of finance, financial services ecosystem, fintech disruptors.
- Notable Investments: Not publicly disclosed.
- FINTOP Capital
- Details: FINTOP Capital is a venture capital firm that focuses on investing in financial technology companies. They support companies with strong fundamentals and the ability to execute and demonstrate results.
- Investment Focus Areas: Financial technology, fintech companies with strong fundamentals, execution capabilities.
- Notable Investments: Not publicly disclosed.
- Luge Capital
- Details: Luge Capital is a venture capital firm that invests in early-stage fintech companies. They are known for their focus on delivering exceptional product experiences and supporting their portfolio companies in a durable market.
- Investment Focus Areas: Early-stage fintech companies, exceptional product experiences.
- Notable Investments: Not publicly disclosed.
What's Next for Plooto?
Plooto stands at the cusp of significant growth opportunities, driven by the increasing demand for automation in financial processes among small and medium-sized businesses (SMBs). With the recent $20 million Series B funding, the company is poised to expand its customer base, introduce new product lines, and customize offerings for accounting and bookkeeping firms. The economic contributions of SMBs in North America underscore the vast potential market for Plooto's solutions.
Future fundraising opportunities seem promising, given the successful Series B round and the involvement of growth equity firms like Centana Growth Partners. This financial backing positions Plooto well for further scaling and possibly additional funding rounds to support its ambitious growth plans. However, the company must navigate challenges such as managing the complexities of scaling a fintech company and ensuring continuous innovation to stay ahead of competitors.
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