Pluto hopes to acquire traction in the region in the same manner that its American rivals have done in their own countries. Pluto’s self-proclaimed objective is to develop “Ramp for the Middle East.” Ramp is a spend management firm that secured $300 million in August at a valuation of $3.9 billion.
Pluto’s initial product, launched in October 2021, is a card aimed to assist businesses to digitize their cash spend. It is especially concerned with fulfilling the requirements of the region’s underserved SMBs.
Today, the company announced the completion of a $6 million seed round headed by Global Founders Capital, with participation from Soma Capital, Graph Ventures, Adapt Ventures, and OldSlip Group.
Angel investors from corporate spend unicorns in the United States, including Ramp founders Eric Glyman and Karim Atiyeh and Airbase creator Thejo Kote, contributed to the round. Plaid co-founder William Hockey, Not Boring’s Packy McCormick, and MFM’s Shaan Puri were among the many other angel investors.
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