Plooto Raises $20M in Series B Funding


Plooto, a Toronto, Canada-based provider of end-to-end accounts payable and accounts receivable (AP/AR) automation software for small to medium-sized businesses (SMBs), raised $20M in Series B funding.

The round was led by Centana Growth Partners, with participation from FINTOP Capital and Luge Capital.

The company intends to use the funds to drive customer expansion, introduce new product lines, ramp up hiring and customize its offering for more businesses, Accounting and Bookkeeping firms.

Founded by Hamed Abbasi and Serguei Kloubkov, Plooto is a cloud-based, end-to-end payment automation software company that helps small to mid-size businesses (SMBs), Accounting and Bookkeeping firms automate and optimize their financial operations. The system increases overall processing efficiencies by managing account payables, account receivables, controls and reporting through a single AP/AR platform.

Today, over 8500 finance teams as well as accountants and bookkeepers use its cloud-based financial solutions.