Payments automation firm Plooto snares $20m Series B


Plooto, an end-to-end accounts payable and accounts receivable automation software platform, has scored $20m in a Series B raise.

The round was led by Centana Growth Partners as well as participation from investors Luge Capital and FINTOP Capital.

?While building their first company, the founders of Plooto experienced the pain of operating a growing business firsthand. In 2015, the firm 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 8,500 finance teams as well as accountants and bookkeepers use Plooto cloud-based financial solutions. Turbocharged by the adoption of remote-first work, Plooto continues to grow at a rapid pace.

According to the company, the newly raised capital 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.

Plooto CEO and co-founder Hamed Abbasi said, ?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. By expanding our platform 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 unrivaled network and experience scaling fintech companies will help us reach more businesses in North America,p>

Serguei Kloubkov CTO and co-founder of Plooto added, ?Beyond their economic contributions, entrepreneurs and SMBs, in general, have largely shaped our modern world and our mission is to see more of them succeed.p>

Copyright ? 2022 FinTech Global

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