Payments Automation Platform Plooto Closes $20M Series B Funding

Plooto, a leader in end-to-end accounts payable and accounts receivable (AP/AR) automation software for small to medium-sized businesses (SMBs), announced the closing of $20M USD ($27M CAD) 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."

Plooto previously raised $6.34M USD ($8M CAD) Series A in early 2021 led by FINTOP Capital with participation from Luge Capital and Inovia Capital.

Plooto was founded by Hamed Abbasi and Serguei Kloubkov. 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.