Plooto, a Toronto, Canada-based end-to-end accounts payable and accounts receivable (AP/AR) automation software for small to medium-sized businesses (SMBs), announced that it closed $20 million (CAD 27M) in Series B funding.
The all-equity round was led by Centana Growth Partners, a specialized growth equity firm that invests in the future of finance, with participation from existing investors FINTOP Capital and Luge Capital.
The funding will be used to drive customer expansion, introduce new product lines, ramp up hiring and help Plooto customize its offering for more businesses, Accounting and Bookkeeping firms.
”Our vision, since inception, has been to enable the advancement of entrepreneurs to reach their full potential without being bogged down by cumbersome and inefficient financial processes,” said Hamed Abbasi, CEO, and co-founder of Plooto. “By expanding our platform’s automation, workflows and payment capabilities, Plooto has become the mission control for managing cashflow end-to-end.”
“As Plooto continues to grow, it is crucial to have growth partners that understand the complexities of the industry and share the same vision. Centana’s unrivaled network and experience scaling fintech companies will help us reach more businesses in North America,” added Abbasi.
In 2015, Plooto began by building a payments platform for small businesses to achieve greater control, convenience, and visibility over their financial practices at a reasonable price point.
Today, over 8500 finance teams, as well as accountants, and bookkeepers use Plooto’s cloud-based financial solutions. Turbocharged by the adoption of remote-first work, Plooto continues to grow at a rapid pace.
Company: Plooto, Inc
Round: Series B
Funding Month: December 2022
Lead Investors: Centana Growth Partners
Additional Investors: FINTOP Capital and Luge Capital
Company Website: https://www.plooto.com/
Software Category: Enterprise Payment Software
About the Company: Founded by Hamed Abbasi and Serguei Kloubko, Plooto is a cloud-based, end-to-end payment automation software company that helps small to mid-size businesses (SMBs), accounting firms, and bookkeeping firms automate and optimize their financial operations. Plooto increases overall processing efficiencies by managing account payables, account receivables, controls, and reporting through a single AP/AR platform.