Payments & Money Transfer | Toronto, ON | Founded: 2015 | Employees: 25 | www.plooto.com
Last updated December 17, 2018 | To download a PDF version, click here.
Plooto is a B2B payment processing platform that with only an email address, it can be used to send payment or receivable request to a client, vendor, individual or enterprise. By connecting one’s accounting software to the platform, it offers automatic invoice processing and validation on accounting statements.
Hamed Abbasi: Co-Funder & CEO (2015 – Present). Previously: Co-Founder & CEO, Vast Studios (2008 - 2014); Financial Service Coordinator, BMO (2006 – 2008); Transition Director, Gemma Communications (2003 – 2005). Education: IADT (2004 – 2007).
Serguei Kloubkov: Co-Founder & CTO (2015 - Present). Previously: CTO, Vast Studios (2007 - 2014); Developer, DataLink Consulting Inc. (2008 – 2010). Education: IADT.
Paritosh Gupta: COO (2018 – Present). Previously: COO, Zoomcar (2016 – 2017); CFO, Zoomcar (2015 – 2016); CFO, Masan Resources (2012 – 2014); Vice President, Masan Group (2010 – 2014); Director, TWISH (2009 – 2010); Senior Analyst, Nomura (2008 – 2009); Senior Analyst, Lehman Brothers (2007 – 2008). Education: Indian Institute of Management, MBA (2005 – 2007), ESADE Business School, MBA (2006), Indian Institute of Technology (2001 – 2005).
Hamed Abbasi and Serguei Kloubkov graduated from IADT in 2007, the two partnered together to create the independent game studio Vast Studios. During their time running the business, the two realized a pain point of little support from banks to help their businesses manage their finances. From personal experience, they created Plooto to help businesses today avoid the challenges they faced at Vast Studios.
Key Corporate Developments
April 18, 2018: Announcing SmartSetup: Create and Set-up Payments Without Data Entry
Oct 14, 2015: Plooto lands on Canada’s 20 Most Innovative Companies by CIX
Dec 6, 2017: Plooto and Xero Partner to Provide Payment Processes for Accounting Firms
Sign up is free on Plooto. However, Plooto takes a fee per use on their service offerings:
- Payables & Receivables – Simplify receiving and sending money directly to the bank through email
- International/ Credit Card Payments – Send international fees for a flat fee, and a percentage fee for credit card payments
- SmartFlow Technology – Automatic upload of invoice, recurring payments, and outstanding/ completed payments to accounting software
- Payables and Receivables – For every payment request and receivables on the platform, Plooto takes $ 1 per transaction. The other party does not require an account to pay Plooto payment requests.
- International Payments – international payments cost a flat fee of $ 9.99 on Plooto.
- Automatic Invoice Uploads – Plooto takes a $ 0.75 flat fee per upload.
SmartFlow allows the platform to connect with accounting software to set automatic payments and invoices. The application is accessed from the web, where all aspects of the software can be accessed for free. Recently, Plooto has partnered with popular accounting software Xero to streamline invoice, bills and payee information.
Plooto services small and medium-sized businesses through its application, which the application can be accessed through their website. While creating an account is free, the user will be charged based upon usage of their services.
Plooto operates a Webinar and Blog portal outlining various topics regarding the B2B payments/ Receivables industry hosted on Bigmarker. The team hosts its own sales team to increase client base within the small and medium businesses. The company also promotes itself by having a presence within various accounting and small business conventions.
While Plooto differentiates in the payments solutions platform through their easy payment/ receivable request with only an email, other firms compete and offer a similar range of services to small and medium businesses:
- WayPay – (Burlington, ON) WayPay is a B2B payment solution software, offering currency exchange, credit card payments, international payments and offering 9 built-in payment methods.
- Bill.com – (Palo Alto, CA) Bill.com offers software automating bill payments, invoices and connect payments over to accounting software for automated payment records.
Corporate Profile Created By: Il Young Chung, Ivey HBA Candidate 2019