Plastiq, a payment solutions provider, announced on Thursday the closure of its Series D funding round, raising $75 million.
The round was led by B Capital Group and was participated by all previous investors, including Kleiner Perkins, Khosla Ventures, Accomplice, and Top Tier Capital Partners. With this new round, the payments company has raised a total of $140 million.
SMEs are the backbone of our economy
The San Francisco-headquartered company offers payment solutions to small businesses and has on-boarded 1 million customers on its platform since its launch in 2012.
It partnered with giants like Mastercard, Visa, and American Express to enable credit card payments even at the places where credit cards are not accepted.
“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,” Eliot Buchanan, co-founder and CEO of the company, said.
The fresh proceeds will be utilized in expanding its business along with a push for new partnerships in the financial and payments sector.
“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,” Buchanan added.
The announcement also detailed that the payments company is already in the expansion mode and increased 150 percent in revenue over the last year.
“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,” Karen Page, general partner at B Capital Group, said.
“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.”