Fintech startup PastPay raises €12M in funding, the largest for a B2B BNPL in Central and Eastern Europe region

While the Buy Now, Pay Later (BNPL) market appears to be cooling off due to high interest rates, Budapest-based fintech startup PastPay has secured €12 million in Series A funding, marking the largest raise for a B2B BNPL provider in Central and Eastern Europe.

The round was led by Platina Capital, with participation from key financial players such as MBH Bank and Advance Global Capital. This funding will help PastPay accelerate its growth and extend its reach across Europe.

Founded in 2019 by Benjamin Berényi and Bálint Réti, PastPay offers B2B payment solutions to enable businesses to offer flexible payment terms and improve cash flow for small and medium-sized enterprises throughout the EU.

“B2B commerce is increasingly moving online, and the need for flexible payment options is driving demand for innovative solutions,” said Berényi, PastPay’s co-founder and CEO. “This funding reflects investor confidence in a market that’s still in its early stages but shows strong growth potential. To capitalize on this, we need to invest in product development and reinforce our risk infrastructure, especially with the growing threat of cybercrime.”

PastPay is currently active in several Central and Eastern European markets, including Italy, Germany, Poland, Czechia, Slovakia, Romania, and Hungary, and plans to expand further across the EU. The funding round also saw participation from other leading financial institutions, including Quantic Financial Solutions, STRT, BNL Start Partners, and notable private investors like Jared Schrieber and Mark Ransford.

Since its launch, PastPay has enabled over 170 merchants to offer flexible payment options, facilitating more than 15,000 transactions and providing over €33 million in financing to support SMEs across Europe. With this latest funding, the company aims to further scale its B2B payment solutions and strengthen its position in the market.

The BNPL market is packed with big names like Affirm, AfterPay, and Klarna dominating the scene. But PastPay has found its own space by zeroing in on customers in Central and Eastern Europe (CEE), setting itself apart from the competition.

Co-founder and COO Bálint Réti added, “While we’ve focused on the CEE region, our ambition is to become a pan-European provider, supporting transactions across the EU and EEA. Despite recent challenges for fintech startups, this raise demonstrates the strength of our product and team. Our new investors bring valuable experience and networks, aligning with our mission to make financing accessible for more SMEs. With this funding, we can finance over €300 million in invoices annually.”

PastPay is redefining B2B commerce by offering financing solutions that give merchants and their customers control over payment terms. The platform supports both online and offline transactions, allowing businesses to extend payment terms by 15 to 90 days, enhancing cash flow, and promoting growth for companies across the EU. With a focus on simplicity and efficiency, PastPay is setting new standards in B2B payments, helping SMEs thrive.

Looking ahead, PastPay plans to use the new funds to expand its services across Europe. This involves a strategy centered on product development and enhancing its digital infrastructure to support merchants in all formats.

Investor Mark Ransford commented, “I chose to invest in PastPay because of its talented team and lean operating model. The founders’ plans for Western European expansion are compelling, and this funding will be a major boost. PastPay’s unique ability to integrate both online and offline transactions, while offering flexible payment solutions, is a significant advantage for smaller businesses across Europe.”