Pluto Card Raises $6M Seed Financing
Gunderson Dettmer represented client Pluto Financial Services Inc. d/b/a Pluto Card, a corporate spend management startup, in its $6 million seed financing led by GFC. The startup, which is focused on the MENA region, aims to help businesses in the area streamline their spending while eliminating the use of employees’ personal debit or credit cards. Pluto Card plans to use the proceeds of its fundraise to expand its team in the UAE and North America to bring its product to market within a few months.
In the announcement of the transaction, Mo Aziz, co-founder and CEO of Pluto, said, “In MENA, most businesses distribute cash or personal cards belonging to a manager or a business owner to employees for incurring business expenses. This is because businesses usually have access to a single debit or credit card with no spend controls. Using Pluto, businesses can streamline spending by issuing unlimited virtual or physical cards with spend controls to employees while getting real-time visibility on their expenses through a powerful expense management software.”
The Gunderson deal team was led by Randall Clark and included Aaron Fiske, Alex Khachaturian, Blessing Havana, Michael Santos, Alexandra Ochalek, and Lyris Ramos.