MARKET MOVEMENT
UAE based Pluto raises $ 4.1 million in pre- Series A funding round
Pluto , UAE ’ s corporate card and expense management platform , has announced the successful raise of US $ 4.1 million in a pre-Series A funding round . The news comes just weeks after co-founder Mohammed Ridwan announced that the company had crossed AED 1 Billion in spend under Pluto ’ s management .
Pluto has previously received backing from Silicon Valley spearheads including investment leaders like Ramp , Soma Capital , Graph Ventures and angel investors including Plaid Co-founder Willliam Hockey , Not Boring ’ s Packy McCormick and past executives from Cash App , Shopify , Amazon and more .
Founded in 2021 by Mohammed Ridwan , Mohammed Aziz and Nayeem Zen , Pluto ’ s platform unifies dynamic budget tracking , AIpowered corporate cards with an unmatched cashback program , petty cash management , procurement , invoice and vendor management into a single , intuitive product . Since its inception , Pluto has rapidly gained traction across SMEs and enterprises in the UAE , working with companies including Property Finder , Knight Frank , Tamara , Petrochem and more .
With Pluto Connect , recently launched as a flagship solution , Pluto introduces a new business model that allows banks and financial institutions to seamlessly embed its corporate card and spend management capabilities directly into their own products , allowing banks to modernise their commercial banking capabilities .
Pluto currently powers more than 30,000 SMEs through Pluto Connect with one of the largest banks in the world . With this fresh injection of capital , Pluto will double down on its bank-integrated approach , forging additional partnerships globally .
“ In 2025 , SMEs expect way more from their banks than just using them as depository accounts . Value added services are a key strategy for most banks in the region . Partnering with banks and financial institutions allows Pluto to bring our world class solutions to more customers globally and allows such institutions to provide a world class experience back to their customers ,” said Mohammed Aziz , CEO of Pluto .
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Frogfoot Network acquires fibre assets of American Tower Africa in South Africa
Frogfoot Network , a licensed open-access infrastructure provider has acquired the fibre assets of ATC , American Tower Africa , a provider of wireless and fibre infrastructure solutions in South Africa and a key partner to Frogfoot since 2017 .
According to Shane Chorley , CEO of Frogfoot Networks , this acquisition does not only mark a natural extension of their partnership but the integration of ATC ’ s assets into its fibre network will enable them to continue delivering a quality and reliable service to their customers .
“ Our partnership has been built on mutual trust and shared goals and the acquisition aligns perfectly with our long-term strategy of strengthening and expanding Frogfoot ’ s network capabilities ,” says Chorley .
The acquisition of ATC ’ s fibre network assets underscores our commitment to sustainable growth and investment in high-quality network infrastructure .
This acquisition reinforces Frogfoot ’ s success in the market while ensuring continuity for customers , with no changes to their current services .
“ As we take this next step , we remain dedicated to providing seamless connectivity and superior service to businesses and homes across the regions Shane Chorley we serve ,” says Chorley . •
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