Pluto, a new business, is seeking to acquire traction in the region in the same manner that its American competitors have done in their home nations
FREMONT, CA: The corporate spend area in the United States is becoming increasingly competitive, with various firms clamoring for market share. The market in the Middle East, on the contrary, is significantly less crowded. Pluto, a new startup, is seeking to acquire traction in the region in the same manner that its American competitors have done in their home nations. The company’s self-proclaimed objective is to construct a Ramp for the Middle East. For those unfamiliar, Ramp is a spend management business that received 300 million dollars in August, 2021, with a valuation of 3.9 billion dollars.
Brex, which raised 300 million dollars at a 12.3 billion dollars valuation last January; Airbase, which raised 60 million dollars last July; and, most recently, TripActions, which expanded from being primarily a corporate travel startup to also, more broadly, a spend management company after the COVID-19 pandemic, and was valued at 7.25 billion dollars in October. Pluto's initial product, launched in October 2021, is a card aimed to assist businesses digitize their cash spend. According to Pluto CEO Mo Aziz, who founded the firm alongside CPO Mohammed Ridwan and CTO Nayeem Zen, it is particularly focused on serving the requirements of underrepresented SMBs in the region. Ridwan and Zen previously worked at Square and other startups.
On February 3, 2022, the company announced the completion of a 6 million dollars seed round headed by Global Founders Capital, with participation from Soma Capital, Graph Ventures, Adapt Ventures, and OldSlip Group. Notably, American corporate giants such as Ramp headed by Eric Glyman and Karim Atiyeh and Airbase founder Thejo Kote contributed to the financing. Plaid co-founder William Hockey, MFM's Shaan Puri and Not Boring's Packy McCormick were among the many other angel investors. Ramp, Brex, and Airbase, according to Aziz, do not operate in the Middle East.