Plooto, an accounts payable and accounts receivable (AP/AR) automation software provider, has received $20m in a Series B funding round.

Specialised growth equity company Centana Growth Partners led the all-equity round, which was also joined by current investors FINTOP Capital and Luge Capital.

Plooto plans to use the fresh infusion to enhance its customer base, develop new products and grow its headcount.

The firm also seeks to offer tailor-made solutions to other businesses, such as accounting and bookkeeping companies, with the help of the new investment.

Plooto CEO and co-founder Hamed Abbasi said: “Our vision, since inception, has been to enable the advancement of entrepreneurs to reach their full potential without being bogged down by cumbersome and inefficient financial processes.

“By expanding our platform’s automation, workflows and payment capabilities, Plooto has become the mission control for managing cashflow end-to-end.”

Plooto primarily caters to small to medium-sized businesses (SMBs), which offer employment to 10.3 million people and represent 40% of the gross domestic product (GDP) in Canada, the firm stated.

SMBs engage more than 61 million people and account for 43.5% of the GDP in the US.

Plooto CTO and co-founder Serguei Kloubkov said: “Beyond their economic contributions, entrepreneurs and SMBs, in general, have largely shaped our modern world and our mission is to see more of them succeed.”

In April last year, Plooto garnered $6.34 investment in a Series A round led by FINTOP Capital.

The round also saw the participation of Luge Capital and inovia Capital.