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Plooto is a technology company.
Plooto has raised $26.0M across 2 funding rounds.
Plooto has raised $26.0M in total across 2 funding rounds.
Plooto is an all-in-one accounts payable and receivable software that gives your business total control over cash management. We simplify manual payment and accounting processes, so you can focus on what’s important.
Plooto has raised $26.0M in total across 2 funding rounds.
Plooto's investors include Ben Cukier, FINTOP Capital, Karim Gillani.
# High-Level Overview
Plooto is a B2B payments platform that automates accounts payable and receivable workflows for small-to-medium sized businesses (SMBs) and accounting firms.[1] The company provides an all-in-one solution that unifies payment processing, approvals, reconciliation, and reporting in a single cloud-based platform.[2] Plooto serves two primary customer segments: individual SMBs seeking to streamline their payment operations, and accounting firms managing payment processes for multiple clients.[1]
The platform addresses a critical pain point in business finance: the manual, time-consuming nature of payment management. By integrating with popular accounting software like QuickBooks, Xero, and NetSuite, Plooto eliminates manual data entry and automates reconciliation, allowing businesses to redirect resources toward growth rather than administrative tasks.[2] The company has achieved meaningful traction, serving over 10,000 businesses across North America and processing more than 2.4 million transactions annually.[6]
Plooto was founded by Hamed Abbasi and Serguei Kloubkov, who graduated from IADT in 2007 and initially partnered to create an independent game studio called Vast Studios.[1] The founders discovered their core business idea through personal experience: while running Vast Studios, they encountered significant friction managing their company's finances and realized that banks were not adequately supporting SMBs in this area.[1] This firsthand understanding of the problem motivated them to build Plooto as a solution.
The company launched in Canada and the US in 2015.[3] Plooto achieved significant funding milestones, raising $6.3 million USD in Series A funding in 2021 (led by FINTOP Capital with participation from Luge Capital and Inovia Capital) and $20 million USD in Series B funding in 2022 (led by Centana Growth Partners).[3]
Plooto operates at the intersection of two powerful trends: the fintech democratization of financial tools and the automation of back-office operations. Traditionally, sophisticated payment and cash flow management solutions were available only to large enterprises with dedicated finance teams. Plooto is part of a broader movement bringing these capabilities to SMBs, which represent a massive underserved market.[5]
The company also benefits from the accelerating adoption of cloud-based accounting software. As businesses increasingly migrate to platforms like QuickBooks and Xero, the demand for integrated payment solutions that work seamlessly within these ecosystems has grown substantially. Plooto's deep integrations position it as a natural extension of the accounting software stack rather than a standalone tool.[2]
Additionally, Plooto addresses a critical business need: cash flow visibility and control. In an economic environment where working capital management directly impacts survival and growth, businesses are increasingly willing to invest in tools that provide real-time payment visibility and reduce costly errors.[4] The company's focus on automation also aligns with broader labor market trends, where businesses struggle to find and retain finance staff for repetitive, manual tasks.
Plooto has established itself as a credible player in the SMB payments automation space by combining strong product-market fit, meaningful funding, and demonstrated traction. The company's ability to serve both direct SMB customers and accounting firms creates a sustainable competitive moat—accounting firms become distribution channels and advocates for the platform.
Looking ahead, Plooto's growth will likely be shaped by several factors: continued expansion of its vendor network (the Plooto Network), deepening integrations with additional accounting platforms, and potential geographic expansion beyond North America. The company's emphasis on international payments suggests ambitions to serve cross-border commerce, a growing need for SMBs operating in increasingly global markets.
The broader trend of financial automation for SMBs remains in early innings, and Plooto's positioning as a comprehensive, integrated solution—rather than a point solution—gives it advantages in capturing wallet share as businesses consolidate their fintech stacks. As SMBs increasingly recognize that payment automation directly impacts profitability and cash flow, platforms like Plooto are likely to become standard infrastructure rather than optional tools.
Plooto has raised $26.0M across 2 funding rounds. Most recently, it raised $20.0M Series B in December 2022.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Dec 1, 2022 | $20.0M Series B | Ben Cukier | FINTOP Capital, Karim Gillani |
| Apr 1, 2021 | $6.0M Series A | FINTOP Capital |