Plastiq, a payments solutions provider for small and medium businesses (SMBs), announced that it has closed $75m in series D funding round led by B Capital Group.
The funding round also saw participation from previous investors including Kleiner Perkins, Khosla Ventures, Accomplice and Top Tier Capital Partners.
The firm will use the funding to launch its offerings for the SMB market, making payments simpler and faster to maximise their profits, while protecting cash reserves.
Through its solutions, Plastiq enables SMBs to use their credit cards for virtually any expense, even where credit cards are not accepted.
Plastiq’s solution is designed to maximize SMBs’ working capital, while also allowing them to conserve cash for periods of economic uncertainty.
The company intends to utilize the new funding to expand its partnerships with important players in the financial and payments sectors. It works with all major credit card providers such as Mastercard, Visa and American Express.
Plastiq has now raised a total of $140m funding
With the latest round, the company has increased its total funding secured to date to more than $140m.
Plastiq CEO and co-founder Eliot Buchanan said: “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.”
The firm claims that its over 1 million SMB and other customers have optimised their working capital.
It enables businesses to pay or to be paid any way they want, including cheques, wire transfers and ACH transfers. Its platform offers real-time insights into the payments, cash flow and working capital of businesses.
B Capital Group general partner Karen Page said: “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.”