Canada’s Plooto secures $20m Series B funding to fuel growth
Toronto-based start-up Plooto, which offers accounts payable and accounts receivable automation software for small and medium-sized businesses (SMBs), has raised $20 million (CAD 27 million) in Series B funding.
Plooto lands $20m Series B funding
The round was led by Centana Growth Partners with participation from existing backers Fintop Capital and Luge Capital. It follows a $6.3 million (CAD 8 million) Series A raise in July 2021.
Founded in 2015 by Hamed Abbasi and Serguei Kloubkov, Plooto’s cloud-based payments automation tech is built to help SMBs “automate and optimise their financial operations”, allowing firms, accountants and bookkeepers to manage accounts payable, accounts receivable and reporting through a single platform.
“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,” says CEO Abbasi.
Plooto claims that over 8,500 SMBs now use its financial solutions and the firm “continues to grow at a rapid pace”, helped in part by the increasing adoption of remote working.
The start-up says the new cash will be used “to drive customer expansion, introduce new product lines, ramp up hiring and help Plooto customise its offering for more businesses”.
