Pluto secures USD 4.1 mn pre-Series A to fuel KSA expansion

Dubai-based AI-powered fintech Pluto has raised USD 4.1 mn in a pre-series A funding round, led by Rhino Ventures, Born Capital, Goanna Capital, Evolution VC, Freesearch VC, and Tiferes VC, the company said in a press release. The startup, which offers spend management solutions for corporates, also crossed AED 1 bn in spend under its management.

Where will the money go? The capital will accelerate Pluto’s plans to expand into Saudi Arabia and help solidify its flagship product Pluto Connect in the GCC area.

ICYMI- Pluto first announced its Saudi Arabia expansion plans last September through a partnership with Saudi fintech neoleap. The partnership aims to integrate Pluto’s corporate card and AI-powered expense management tools with neolap’s digital payment solutions, providing Saudi businesses with automated financial management for tasks like reimbursements, procurement, and accounts payable. The collaboration targets both SMEs and large corporations in Saudi Arabia.

OTHER STARTUP NEWS-

Homegrown retail solutions startup Retailhub raised an undisclosed investment from venture capital firm Angelspark, according to a press release. Retailhub will use the funding to expand its capabilities and scale up its operations within the UAE and beyond.

About Retailhub: Founded in 2022 by Daniel Alimov (LinkedIn) and Roman Tikhonov (LinkedIn), Retailhub offers inventory management solutions for retailers aimed at optimizing grocery operations. The platform connects retailers with aggregators to increase on-shelf availability and the average basket size while reducing out-of-stock rates and food waste.