Plastiq secures $27 million in new funding round to accelerate growth of payments platform for small business
What about if you could pay with credit cards where cards are not accepted and just pay a simple 2.5% fee? That is one of the many benefits Plastiq brings to its customers. You can use a credit card for practically any expense, even ones like rent that normally require a check. Plastiq provides the best way to pay your bills and business expenses by credit card
Today, the company announced it has raised $27 million in additional financing from Atlas Venture, Khosla Ventures and Top Tier Capital Partners. Plastiq will use the funds to roll out new payment services and accelerate growth in the small business market. The latest investment comes as Plastiq is experiencing record growth with business owners and consumers who are looking for a reliable and convenient way to pay virtually any bill, while benefiting from credit card points programs, early payment discounts, or a few days’ float while an invoice settles.
The company works with all major credit card providers, including American Express, Discover, Mastercard, Visa, and JCB, and its payments platform has served more than one million clients, processing billions in payments for a wide range of expenses, from business supplier payments, to contractors, to taxes and rent.
Founded in 2012 by Daniel J. Choi and Eliot Buchanan, Plastiq is bill pay with benefits, enabling business owners and consumers to use a credit card for virtually any expense, even ones like rent or business supplies that normally require a check. With Plastiq, it’s easier to earn credit card rewards, tap early-payment discounts, and use your cash in ways that make the most sense for you.
“We have a singular vision to make it easy to pay for virtually any expense with your credit card. Whether you are a small business owner looking to take advantage of hard-earned credit to pay for inventory or a commercial lease, or a consumer looking to maximize points by using Plastiq to pay your rent or tuition, Plastiq helps fund your most important payments—the ones you need to grow, compete, and win.” said Eliot Buchanan, Plastiq CEO.
Plastiq recently expanded its leadership team, bringing on seasoned executives with expertise in the SMB market and payments industry who are adept at scaling teams for growth. New team members include: Noah Goldberg, Robert Mahnke and Serena Satyasai. In addition, Plastiq has added new Board members and advisors.
“Plastiq has a unique opportunity to change the way businesses manage their payments and bring new levels of flexibility and convenience that business owners crave,” said Garth Timoll, managing director, Top Tier Capital Partners.
Plastiq plans to use the funds from this round to acquire new business customers and develop additional payment services designed for small and medium-sized businesses.
Founded to provide convenient, flexible, and secure payment options, Plastiq is advancing innovative payment solutions to more than 150 countries around the world. Plastiq makes it possible for business owners and savvy consumers to use a credit card for practically any expense, even ones like rent that normally require a check. The service makes it easier for cardholders to earn credit card rewards, tap early-payment discounts, and use cash in the ways that make the most sense for their lives.