- Intelligent payment solution Plastiq announced it closed $75 million in Series D funding led by B Capital Group
Plastiq, an intelligent payment solution for small businesses, announced it has closed $75 million in Series D funding led by B Capital Group. B Capital Group general partner Karen Page oversaw the investment.
Existing investors Kleiner Perkins, Khosla Ventures, Accomplice, and Top Tier Capital Partners also joined the round. Including this funding round, it brings the total funding raised to over $140 million.
What does Plastiq do? Plastiq enables SMBs to use their credit cards for virtually any expense even where credit cards are not accepted in order to maximize the working capital they already have while also conserving cash during periods of economic uncertainty.
Plastiq is driven by significant SMB customer momentum. And the funding will be invested in the rollout of Plastiq’s offerings to champion the underserved SMB market by enabling simpler and faster integrated payments that maximize profits and protect cash reserves.
Plastiq has transformed how its 1+ million SMB and other customers optimize working capital and protect cash reserves by enabling them to pay or accept payment for anything with a credit card even where credit cards are not accepted.
Over the past year, Plastiq focused on expanding its SMB customer base and achieved a tremendous 150% increase in SMB revenue.
And Plastiq empowers businesses to pay or be paid any way they want, including checks, wire transfers, and ACH transfers. This intelligent platform provides real-time insights into SMBs’ payments, cash flow, and working capital. Plus these insights inform SMBs how and when to pay business expenses thus allowing them to efficiently manage resources across any industry supply chain.
With this funding round, Plastiq will also expand its partnerships with major players in the financial and payments sectors. Plastiq works with all major credit card providers, including Mastercard, Visa, and American Express.
“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. 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.”
-Eliot Buchanan, CEO and co-founder of Plastiq
“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. 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.”
-Karen Page, General Partner at B Capital Group