# Plooto

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/plooto

- Industry: Financial Services
- Headquarters: Toronto, Canada
- Website: www.plooto.com
- Total disclosed funding: $26M
- Latest round: Series B (Dec 13, 2022)
- Investors on record: 8

## About

Plooto Inc., based in Toronto, Canada, offers a comprehensive financial management platform that simplifies and streamlines accounts payable and receivable processes for businesses across various sectors.Founded in 2015 in Toronto, Canada, Plooto Inc. specializes in providing accounts payable and receivable software solutions. The company was established by Hamed Abbasi and Serguei Kloubkov. In December 2022, Plooto completed a Series B funding round, raising CAD 27 million with Centana Growth Partners as the lead investor, along with participation from FINTOP Capital and Luge Capital. This funding supports their growth initiatives and product development.Plooto offers an all-in-one accounts payable and receivable software designed to streamline and simplify business payments for a diverse client base, including accountants, bookkeepers, and various businesses across multiple sectors such as finance, healthcare, and retail. The platform provides capabilities for managing cash flow, automating payment processes, and integrating with accounting software like QuickBooks, Xero, and NetSuite, ensuring an efficient reconciliation of bills and payments. The software allows users to process payments via multiple methods, including debit cards, credit cards, ACH, and international transfers, ensuring flexibility in how businesses transact. Plooto's features support customizable approval workflows and permissions, thus helping firms mitigate risk while enhancing operational efficiency. The company serves clients primarily in North America and has extended its reach into international markets, addressing the needs of businesses looking for robust financial management solutions.Plooto generates revenue through a subscription-based model, offering various pricing plans to suit the needs of different business types and sizes. The company’s flagship services facilitate seamless transactions between businesses and their clients, which may include subscription fees for software access, transaction fees for payments processed, and charges associated with specific features such as international payments and invoice management. Clients typically engage with Plooto by subscribing to the platform and utilizing its comprehensive payment solutions to manage their accounts payable and receivable efficiently. As businesses leverage Plooto's software, they benefit from reduced manual efforts and increased accuracy in financial operations, contributing to an overall streamlined payment experience.In December 2022, Plooto raised CAD 27 million in Series B funding to support its growth initiatives. The company plans to utilize this funding to expand its product lines and enhance its team. Plooto is focused on launching new features and products aimed at improving financial management solutions for its clients. Furthermore, the company intends to explore opportunities for expansion into new geographic regions, although specific markets and timelines have not been disclosed.

## Funding rounds

- Series B, Dec 13, 2022, $20M — Centana Growth Partners, FINTOP Capital, Luge Capital
- Series A, Apr 21, 2021, $6.5M — Inovia Capital, FINTOP Capital, Luge Capital
- Seed, Jan 7, 2020 — FJ Labs
- Seed, Aug 7, 2015 — Real Ventures, Hedgewood, Scale Up Ventures

## Investors

- Real Ventures — Seed
- Hedgewood — Seed
- Scale Up Ventures (https://capitalatlas.ai/funds/scale-up-ventures) — Seed
- FJ Labs (https://capitalatlas.ai/funds/fj-labs) — Seed
- Inovia Capital (https://capitalatlas.ai/funds/inovia-capital) — Series A
- FINTOP Capital (https://capitalatlas.ai/funds/fintop-capital) — Series A, Series B
- Luge Capital (https://capitalatlas.ai/funds/luge-capital) — Series A, Series B
- Centana Growth Partners (https://capitalatlas.ai/funds/centana-growth-partners) — Series B