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 money will be used to increase hiring, expand the customer base, launch new product lines, and enable Plooto to tailor its services to the needs of more companies and accounting and bookkeeping organizations.

”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,”

“By expanding our platform’s automation, workflows and payment capabilities, Plooto has become the mission control for managing cashflow end-to-end.”

“As Plooto continues to grow, it is crucial to have growth partners that understand the complexities of the industry and share the same vision. Centana’s unrivaled network and experience scaling fintech companies will help us reach more businesses in North America,”

                                                             Hamed Abbasi, CEO and co-founder of Plooto.

Small businesses in Canada employ 10.3 million people and contribute 40% of the gross domestic product (GDP). In the United States, small businesses employ more than 61 million people and contribute 43.5% of the GDP. At the same time, poor cash management is the number one cause of small business failure. Less than one in five survived their 10th birthday.

“Beyond their economic contributions, entrepreneurs and SMBs, in general, have largely shaped our modern world and our mission is to see more of them succeed,”

                                                      Serguei Kloubkov, CTO and co-founder of Plooto.

At the same time, the biggest reason why small businesses fail is poor cash flow management. Less than one out of five people live to see their tenth anniversary.

“Plooto is the exact kind of forward-thinking company that we at Centana Growth look for in a partner,”

“They solve a real problem for their customers in an innovative way. We look forward to partnering with Plooto and redefining the industry.”

                                                                 Ben Cukier, Partner at Centana Growth Partners.

“We have been impressed by Plooto’s ability to execute and demonstrate results no matter the challenges of building a payments company and the macroeconomic environment,”

                                                                           John Philpott, Partner at FINTOP Capital.

“Plooto’s team has built a business with strong fundamentals, in a huge and durable market,”

“They are relentless about delivering an exceptional product experience, and work tirelessly for their SMB customers.”

                                                                    Karim Gillani, General Partner at Luge Capital.

Plooto formerly raised $6.34M USD ($8M CAD) Series A in early 2021 led with the aid of using FINTOP Capital with participation from Luge Capital and Inovia Capital.

Plooto changed into based with the aid of using Hamed Abbasi and Serguei Kloubkov. While constructing their first company, the founders were skilled in the ache of running a developing commercial enterprise firsthand. In 2015, Plooto started with the aid of using constructing a billing platform for small companies to attain more control, convenience, and visibility over their economic practices at an inexpensive rate point.

Today, over 8500 finance groups in addition to accountants and bookkeepers use Plooto’s cloud-primarily based totally economic solutions. Turbocharged with the aid of using the adoption of remote-first work, Plooto keeps developing at a fast pace.