Plooto

Plooto is a Canadian company offering a platform to handle business payouts and receipts (accounts receivable, and credit card acceptance). The company was founded as a bitcoin blockchain company in 2015, but pivoted to the payment handling industry a year after. Plooto lets users make domestic (through ACH and checks), international (across more than 30 countries as of April 2022), and government remittance payments through the platform. 

Moreover, its accounts payable (AP) automation solution, governs the entire process from invoice data extraction to reporting and payments. It also lets users automate the payment approval flows, tracks payments in real time, and reconciles payments through accounting software integrations (Xero and QuickBooks). Plooto reportedly has over 120,000 vendors and suppliers in its network, as of April 2022.  

The company charges its users a monthly subscription fee of USD 25 per month (as of April 2022), which includes 10 domestic payments, and thereafter charges on a per transaction basis (USD 9.99 for international-, USD 0.50 for domestic-, and USD 1.99 per check-transaction).  

Key customers and partnerships

The company primarily targets SMBs and had over 8,500 enterprise customers as of December 2022, including Deloitte, Adbloom, Canvas, and Borrowell. 

Funding and financials

Plooto raised USD 20 million (CAD 27 million) in Series B funding in December 2022, led by Centana Growth Partners, to invest in customer expansion, launching new product lines, recruitment, and helping Plooto customize its offering for more businesses.