Cash flow firm Plastiq raises $75m in Series D funding round
Cash flow and payments company Plastiq has raised $75 million in a Series D funding round led by B Capital Group.
The round is Plastiq’s seventh since its founding in 2012, and featured Kleiner Perkins, Khosla Ventures, Accomplice and Top Tier Capital Partners. It brings Plastiq’s total capital raised to more than $140 million.
Plastiq aims to help people use credit cards to make or receive payments for a broad range of services. The service incorporates users’ credit information and helps them make payments, and in return takes a 2.5% fee.
Since 2019 the firm has been focusing on expanding its offering to small and medium-sized businesses (SMBs) and claims to have achieved a 150% growth in revenue in doing so.
“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,” says 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.
Plastiq is also planning to use the latest round to expand its partnerships with credit providers including Mastercard, Visa and American Express.
“Plastiq’s impressive growth shows they are filling a critical gap by bridging credit access and payables,” says Karen Page, general partner at investor B Capital Group.