Plastiq Raises $75 Million in Series D Funding to Accelerate Rollout of Intelligent Payments Solution for Small and Medium-Sized Businesses (SMBs)
Investment Will Be Used to Equip SMBs with Expanded Payment Options that Enable Them to Maximize Working Capital and Protect Cash Reserves
SAN FRANCISCO, March 26, 2020-- Today, Plastiq, the intelligent payments solution for small business, announced the close of a $75 million Series D funding round led by B Capital Group. Plastiq enables SMBs to use their credit cards for virtually any expense, even where credit cards aren't accepted, so they can maximize the working capital they already have while also conserving cash during periods of economic uncertainty. Driven by significant SMB customer momentum, the funding will be invested in the rollout of Plastiq’s offerings to champion the underserved SMB market by enabling simpler, faster integrated payments that maximize profits and protect cash reserves. Kleiner Perkins, Khosla Ventures, Accomplice and Top Tier Capital Partners, all previous investors, also participated in the round, bringing the total funding secured to date to more than $140 million. Karen Page, General Partner at B Capital Group and Plastiq board member, led the investment.
“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.”
Plastiq has revolutionized how its well over 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. During the past year, Plastiq focused on expanding its SMB customer base and achieved a tremendous 150% increase in SMB revenue. Plastiq empowers businesses to pay or be paid any way they want, including checks, wire transfers and ACH transfers. The intelligent 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 round of funding, 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.
“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 the intelligent payments solution enabling businesses to pay or accept payment via a credit card for virtually any expense. With Plastiq, it is easier for businesses to access working capital in ways that make the most sense for them, so they can maximize every business opportunity. Named a recipient of the 2020 Forbes FinTech 50, Plastiq works with all major credit card providers, including Mastercard, Visa and American Express, and 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. Learn more at www.plastiq.com.
About B Capital Group
B Capital Group is a global firm specializing in equity investing in growth-stage companies that have achieved early traction with customers and have reached a point of rapid growth. With localized expertise and offices in San Francisco, New York, Los Angeles and Singapore, B Capital believes innovation can come from anywhere. The firm’s unique multinational presence and deep industry expertise have built a portfolio of B2B and B2B2C startups that are transforming large traditional industries across borders and geographies. Through its extensive global network and exclusive partnership with The Boston Consulting Group, B Capital helps startups navigate business challenges, raise capital and attract talented leadership at key points of their journeys to scale. Existing portfolio companies include AImotive, Atomwise, Blackbuck, Bounce, Bright.md, CXA, Evidation Health, Icertis, INTURN, Plastiq, Ninja Van, and SilverCloud Health. For more information, visit http://www.bcapgroup.com/.
Wynne Ahern, CommStrat for Plastiq
Jessica Cheney, CommStrat for Plastiq
Elizabeth Dixon Allin, B Capital Group
Venture Capital Database