Contents
Key Takeaways
We're thrilled to announce that Pluto closed US$6M in Seed funding in February, led by Global Founders Capital.
With GFC being the lead investors, we've had participation from several of the world's leading investment firms and entrepreneurs. Soma Capital, Graph Ventures, Adapt Ventures, Ramp, Thejo Kote (Founder of Airbase), Shaan Puri, and William Hockey (Co-founder of Plaid) were some of the few who participated.
With our Seed round, we aim to get closer to achieving our mission; to streamline company expenses for MENA businesses.
The problem
Company spending in the MENA region is problematic, time-consuming, and frustrating. Managing company spending in MENA today is difficult, time-consuming, and frustrating, as today, companies only get a single debit or credit card.
OTPs
Today, employees all share one company credit card, which usually leads to an OTP being sent to the CFO, financial leader, or founder of the company. Most bank OTPs last from 2 to 10 minutes before they’re expired. So, if an employee doesn’t get the OTP in time, they won’t be able to complete the transaction.
Overspending
When a company credit card is issued, you cannot control spending. This means there is no way to set limits on the card to avoid being overcharged by recurring subscriptions or employees going over budget.
No visibility
You cannot get real-time visibility or instant reports on business expenses with company credit cards. This makes making informed decisions about allocating resources in real-time more challenging.
Petty cash
Banks have no ideal solution for petty cash management. Companies typically maintain a cash vault at their offices, distribute loose cash to employees, and spend countless hours collecting and matching invoices.
The solution
Introducing Pluto Card: a corporate card & spend management platform that allows MENA companies to simplify and control their business expenses.
With Pluto's software, managers can issue their employees virtual cards with spend and control limits, cards that get canceled after a one-time purchase, and cards with a recurring daily, weekly, or monthly budget.
Employees can request expenses from their managers and submit reimbursement requests by dragging and dropping receipts onto the software. This happens in real-time, where managers can view employee requests as they happen, see what is being spent and where, and gain insight into instantaneous expense reports, helping them make informed decisions.
Pretty straightforward.
Want to see Pluto in action? Sign up and get a private demo here.
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Calculate NowLearn how Pluto is helping Keyper to eliminate petty cash spending and optimize spend management
Read MoreLeen Shami, Content Marketing Lead
At Pluto Card, our mission is to assist businesses of all scales make well-informed choices. To uphold our standards, we follow editorial guidelines to guarantee that our content consistently aligns with our high-quality benchmarks.
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© Pluto Card is a Pluto Financial Services Inc. company 2024
1 The maximum cashback that can be received on a transaction is 2%. Cashback received varies depending on several factors including the tier of Pluto subscription, type of payments made and other factors.
2 Free invoice payments are available for customers who use “Pay via Pluto” on any International FX Payments that are greater than $6,000 USD in value.
The Corporate Prepaid Card Program is provided by Pluto through Nymcard Payment Services LLC under the applicable payment network and Bank Identification Number Sponsorship of Mashreq Bank PSC. This is pursuant to the license by Visa® Inc and Mastercard and is available for the residents of UAE subject to Terms and Conditions of use.
Pluto Technologies Limited, DIFC is provider of the technology platform for ‘Pay via Pluto Product’ while the payment services are offered by InterPay Limited (Trade Name TransferMate Global Payments) under its regulated license from the Central Bank of Ireland as an Electronic Money Institution under registration reference number C42802.
In UAE, Interpay Ltd t/a TransferMate is Authorised by the Dubai Financial Services Authority (DFSA) to operate a Representative Office under license no. F005449.
More information InterPay Limited can be found at https://www.transfermate.com/