Plastiq raises $75 million

Plastiq, “the intelligent payments solution for small business,” announced the close of a $75 million Series D round led by B Capital Group. Kleiner Perkins, Khosla Ventures, Accomplice and Top Tier Capital Partners, all previous investors, also participated in the round, bringing the total funding to date to more than $140 million.

Founded in 2012, the San Francisco-based company 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. To date, Plastiq has attracted over 1 million customers and in 2019 it achieved a 150% increase in SMB revenue.

“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 cofounder 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.

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