Payment management company Plooto has reportedly collected CAD 8m ($6.3m) in its Series A round, which was led by FINTOP Capital.
The round was also joined by Luge Capital and Inovia Capital, according to a report from Crunchbase. Citing the co-founder Hamed Abbasi, Crunchbase claims Pooto has raised a total of CAD 15m in funding since it was founded in 2015.
With the fresh equity, the FinTech hopes to increase its product development efforts, scale the business, and bolster its sales and marketing.
Plooto currently has 30 employees, but it is hoping to double this by the end of the year.
Furthermore, the article claims Plooto is getting close to double-digit growth each month.
The FinTech is a payment management platform for small and medium-sized businesses that wish to automate and streamline their payments. Based in Canada, Plooto offers accounts payable, accounts receivable, international payments, CRA payments, online transactions and integration with accounting services like Xero.
Abbasi came up with the idea for Plooto whilst working at the Bank of Montreal and noticing small businesses couldn’t afford enterprise cash management systems, the article said. This forced them to use consumer products or send checks.
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