Plastiq Secures $75 Million in a B Capital-Led Funding Round

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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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 Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term 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.”