Plooto

Plooto

Payment automation platform for businesses

About Plooto

Simplify's Rating
Why Plooto is rated
C
Rated D+ on Competitive Edge
Rated B on Growth Potential
Rated C on Rating Differentiation

Industries

Fintech

Financial Services

Company Size

51-200

Company Stage

Series B

Total Funding

$29M

Headquarters

Toronto, Canada

Founded

2015

Overview

Plooto offers a payment automation platform that helps businesses manage their payable and receivable workflows more efficiently. The platform connects with popular accounting software like QuickBooks, Xero, and NetSuite, allowing for automatic reconciliation of invoices. This integration simplifies financial processes, making it easier for businesses to handle payments at scale. Plooto stands out from its competitors by providing a comprehensive solution that combines various payment capabilities in one platform, which is particularly beneficial for over 10,000 North American businesses. The goal of Plooto is to streamline financial operations, enabling businesses to focus on growth while managing their payments effectively.

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Simplify's Take

What believers are saying

  • Plooto's new payment orchestration offering supports scaling businesses with enhanced security.
  • The rise of embedded finance solutions expands Plooto's reach and user base.
  • Plooto's recent $20M Series B funding accelerates its growth and platform development.

What critics are saying

  • Reputational damage from former CEO's trial could impact customer trust and brand image.
  • The competitive landscape in payment automation is intensifying with new entrants.
  • Reliance on third-party software like QuickBooks and Xero poses integration risks.

What makes Plooto unique

  • Plooto offers seamless integration with QuickBooks, Xero, and NetSuite for automatic reconciliation.
  • Plooto's platform supports complex workflows with dual controls and single sign-on features.
  • Plooto is the first in Canada to address cash management challenges for midsize enterprises.

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Funding

Total Funding

$29M

Below

Industry Average

Funded Over

3 Rounds

Series B funding is typically for startups that have proven their business model and need more funding to expand rapidly—often by entering new markets or adding more products. Investors are usually venture capital firms that specialize in later-stage investments.
Series B Funding Comparison
Below Average

Industry standards

$35M
$30M
Patreon
$45M
Linktree
$65M
Substack
$100M
ClickUp

Growth & Insights and Company News

Headcount

6 month growth

3%

1 year growth

1%

2 year growth

10%
BetaKit
Jan 14th, 2025
Former Plooto Ceo Hamed Abbasi On Trial For Alleged Sexual Assault

Abbasi’s trial began this week at the Ontario Court of Justice in Toronto

BetaKit
Jan 18th, 2024
Plooto, GoDaddy bring new payment, commerce offerings to Canadian businesses

This week, Toronto-based Plooto, which helps SMBs automate their accounts payable and accounts receivable operations, has launched a new, security-focused "Plooto Pro" subscription tier.

Business Wire
Jan 15th, 2024
Plooto Launches Enhanced All-In-One Payment Automation Solution For Scaling Businesses

TORONTO--(BUSINESS WIRE)--Plooto, a leading payment automation solution for small-to-midsized businesses (SMBs), has launched a payment orchestration offering that is custom-designed to support the complex workflows and security requirements of rapidly scaling businesses.As the size and operational complexity of businesses increase, the risk of fraud and human error grows. This leads businesses to implement more rigorous security and control policies to keep the management of cash flow secure and reliable, placing additional burdens on finance teams including time, effort, and resources spent upgrading or building in-house solutions.Similar challenges extend to accounting and bookkeeping firms, as their robust compliance processes and corresponding reputation are critical drivers of growth. Firms' ability to retain and expand client accounts hinges not only on strong relationships but also on their adherence to rigorous compliance standards, especially when it comes to financial data protection.With this launch, Plooto brings to market the first solution in Canada to address these unique cash management challenges faced by midsize enterprises. This offering is priced at a competitive rate as organizations often cite cost as a barrier to adoption of cash management solutions. As volume and complexity of operations increase, businesses can trust Plooto to scale their needs seamlessly without straining their resources.Coupling end-to-end payment automation with stringent security controls and seamless connection to enterprise resource planning (ERP) solutions, Plooto is now capable of helping even more businesses scale efficiently within their ecosystem.Building upon Plooto’s core offering of simplified, all-in-one payables and receivables automation, new capabilities include:Dual Controls: Limits human error and protects against fraud through comprehensive approvals on changes to sensitive financial informationLimits human error and protects against fraud through comprehensive approvals on changes to sensitive financial information Single Sign-On: Enterprise-level safeguards that enable security personnel to manage both user access to sensitive data and removal from a centralized hub as teams scaleEnterprise-level safeguards that enable security personnel to manage both user access to sensitive data and removal from a centralized hub as teams scale Integration with Oracle Netsuite: Seamless two-way sync automates reconciliation protecting against costly human error, reducing billable hours, and helping finance teams save time"Our new offering enables finance teams to easily scale their workflows and gain the visibility they crucially need into their cash flow,” says Hamed Abbasi, Co-Founder and CEO of Plooto. “I’m thrilled that Plooto is expanding how we support growing SMBs, and that we are the first company to fill this critical gap for Canadian businesses.”Having recently been awarded with Deloitte’s Technology Fast 500™ and Technology Fast 50™ designations for a staggering 3-year 433% growth rate, Plooto continues to provide industry-leading support for SMBs with a platform that enhances cash management through its all-in-one payment automation

Chronicle-Tribune
Jan 15th, 2024
Plooto Launches Enhanced All-In-One Payment Automation Solution for Scaling Businesses

Plooto, a leading payment automation solution for small-to-midsized businesses (SMBs), has launched a payment orchestration offering that is custom-designed to support the complex workflows and security requirements of rapidly scaling businesses.

Plooto
Jan 15th, 2024
Plooto Launches Enhanced All-In-One Payment Automation Solution for Scaling Businesses

Plooto launches enhanced all-in-one payment automation solution for scaling businesses.

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