Virtual Payments Solution Provider Plastiq Raises $75 Million In Series D Funding

Virtual Payments Solution Provider Plastiq Raises $75 Million In Series D Funding

by NeoTech Post

Plastiq, an intelligent payments solution for small businesses, announced the close of a $75 million Series D funding round.

B Capital Group led the round. Kleiner Perkins, Khosla Ventures, Accomplice, Top Tier Capital Partners, and all previous investors also participated, bringing the company’s funding to date to more than $140 million. 

“SMBs represent the largest business segment in our country but are chronically underserved when it comes to working capital. They drive almost half of economic activity and create nearly two-thirds of new jobs, yet SMBs can’t get access to the capital they need,” said Karen Page, General Partner at B Capital Group. 

“Plastiq’s impressive growth shows they are filling a critical gap by bridging credit access and payables, and B Capital believes the company is positioned to become the leading working capital solution for small businesses.”

Plastiq is an intelligent payments platform enabling businesses to pay or accept payment via a credit card for virtually any expense. The platform provides real-time insights into SMBs’ payments, cash flow, and working capital. These insights inform SMBs how and when to pay business expenses, allowing them to efficiently manage resources across any industry supply chain. 

With this funding round, Plastiq will also expand its partnerships with key players in the financial and payments sectors. 

Plastiq works with all major credit card providers, including Mastercard, Visa, and American Express. Its automated payment platform has signed up more than one million clients, processing billions in payments for a wide range of expenses, from business supplier payments to contractors, taxes, and rent. 

“SMBs are the lifeblood of our economy, and in light of the economic uncertainty, now more than ever they will need innovative ways to maximize their working capital and protect cash reserves,” said Eliot Buchanan, CEO and co-founder of Plastiq. 

“We have also made a number of strategic industry hires that well-position Plastiq to rapidly scale as we continue our mission to champion the underserved SMB segment through this time of economic uncertainty. We will leverage this funding to equip SMBs with expanded payment options that enable them to efficiently maximize profits and cash reserves through the use of our intelligent, automated payments platform.”