# Plooto

> Plooto is a Toronto-based fintech that automates accounts payable and accounts receivable for small and medium-sized businesses and the accounting firms that serve them. It unifies invoice capture, approval workflows, domestic and international payments, and two-way reconciliation with QuickBooks, Xero, and NetSuite - giving finance teams one place to control money moving in and out. More than 10,000 organizations across North America use the platform.

- **Founded:** 2015
- **Headquarters:** Toronto, Ontario, Canada
- **Founders:** Hamed Abbasi (Co-founder & former CEO (departed March 2024)), Serguei Kloubkov (Co-founder)
- **Team size:** ~120 employees (reduced roughly 25% in April 2024)
- **Products:** Accounts Payable Automation, Accounts Receivable Automation, International Payments, Online Checks / Digital Cheques, Pay by Card
- **Notable:** Grew to serve 10,000+ organizations across North America., Raised $27M CAD Series B in December 2022 led by Centana Growth Partners., Built native two-way integrations with QuickBooks, Xero, and NetSuite.

## Products & services

- **Accounts Payable Automation** — Captures invoices, routes them through custom approval workflows, and sends EFT, ACH, cheque, and international payments - all synced with accounting software.
- **Accounts Receivable Automation** — Collects payments from customers via pre-authorized debit and other electronic methods, with automated reminders and reconciliation.
- **International Payments** — Cross-border payments to 40+ countries with competitive FX rates, transparent fees, and built-in compliance.
- **Online Checks / Digital Cheques** — Full-service cheque printing and mailing that removes in-person signatures and approvals.
- **Pay by Card** — Lets businesses pay vendors by credit card while the vendor receives EFT/ACH or cheque, unlocking short-term financing and card rewards.

## Achievements

- Grew to serve 10,000+ organizations across North America.
- Raised $27M CAD Series B in December 2022 led by Centana Growth Partners.
- Built native two-way integrations with QuickBooks, Xero, and NetSuite.
- Enabled international payments to 40+ countries with transparent FX.
- Recognized as a notable Canadian payments/money-transfer fintech by Ivey's Scotiabank Digital Banking Lab.

## Latest updates

- **2022-12** — Closed $27M CAD ($20M USD) Series B led by Centana Growth Partners to fund product expansion and hiring.
- **2023** — Launched Pay by Card, letting businesses pay vendors by credit card while vendors receive EFT/ACH or cheque.
- **2024-03** — Co-founder and CEO Hamed Abbasi departed the company.
- **2024-04** — Reduced workforce by roughly 25% to align staffing with strategy.
- **2024** — Appointed payments-technology veteran John McLane as CEO to lead the next growth phase.

## Links

- Website: https://plooto.com
- LinkedIn: http://www.linkedin.com/company/plooto
- Twitter/X: https://twitter.com/PlootoInc
- Facebook: https://facebook.com/plootoinc/

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Profile page: https://yespress.io/plooto
Published by YesPress — https://yespress.io
Last updated: 2026-07-11