How Much Did Plooto Raise? Funding & Key Investors

Plooto has successfully raised funding over four rounds, with the latest being a Series B round led by Centana Growth Partners. The platform is designed to streamline and simplify business payments for small and medium-sized enterprises.

Keep reading to explore the intricacies of Plooto's fundraising journey and the investors backing this innovative payment management platform.

What Is Plooto?

Plooto is a payment management platform designed to automate and streamline payment processes for small and medium-sized businesses. The company operates within the financial services, fintech, payments, and small and medium business sectors.

Founded in Toronto, Ontario, Canada, Plooto has grown to employ between 101-250 people. The platform is used by over 10,000 businesses, offering features like international payments, online checks, and invoice management, integrating seamlessly with accounting software such as QuickBooks, Xero, and NetSuite.

How Much Funding Has Plooto Raised?

1. Seed Round
   • 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.
2. Seed Round
   • 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.
3. Series A
   • Amount Raised: $6.34 million USD
   • Date: April 2021
   • Lead Investors: FINTOP Capital
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To support initial growth and development.
4. Series B
   • 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 to add strategic and long-term value.
  • Investment Focus Areas: Financial services ecosystem, fintech disruptors, companies that bring real value and innovation to the industry.
  • Notable Investments: Not publicly disclosed.
• FINTOP Capital
  • Details: FINTOP Capital is a venture capital firm that focuses on investing in financial technology companies. They have a strong track record of supporting companies that demonstrate strong fundamentals and the ability to execute.
  • Investment Focus Areas: Financial technology companies, fintech innovations.
  • 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 relentless focus on delivering exceptional product experiences and supporting their portfolio companies in building strong businesses.
  • Investment Focus Areas: Early-stage fintech companies, exceptional product experiences, strong business fundamentals.
  • Notable Investments: Not publicly disclosed.

What's Next for Plooto?

Plooto stands at the cusp of significant growth opportunities. With the recent $20 million Series B funding, the company is poised to expand its customer base, introduce new product lines, and customize its offerings for a broader range of businesses, including accounting and bookkeeping firms. The economic impact of small businesses in North America, which contribute significantly to GDP, underscores the vast market potential for Plooto's automation solutions.

Future fundraising opportunities seem promising, given the successful Series B round and previous funding achievements. As Plooto continues to grow, it may attract further investments to scale its operations and enhance its platform's capabilities. However, the company will need to navigate challenges such as managing the complexities of scaling a fintech company and competing in a rapidly evolving industry.

Use Clay to Get Funding Data

Sales professionals, leverage Clay’s platform to access comprehensive fundraising data on companies like Plooto and gather other critical business insights. Sign up for free to start enhancing your sales strategies today.