Plastiq, a U.S.-based intelligent payments solution for small business, announced on Thursday it secured $75 million during its Series D funding round, which was led by B Capital Group. The round, which saw participation from Kleiner Perkins, Khosla Ventures, Accomplice and Top Tier Capital Partners, all previous investors, also participated in the round, bringing the total funding raised to date to more than $140 million.
Founded in 2012, Plastiq 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 while also conserving cash during periods of economic uncertainty.
“Driven by significant SMB customer momentum, the funding will be invested in the rollout of Plastiq’s offerings to champion the underserved SMB market by enabling simpler, faster integrated payments that maximize profits and protect cash reserves.”
Speaking about the investment, Eliot Buchanan, CEO and Co-Founder of Plastiq, stated:
“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.”
Karen Page, General Partner at B Capital Group, then added:
“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.”