Online bill payment platform Plastiq has netted $27m in its latest round of funding.
Participation to the round came from Atlas Venture, Khosla Ventures and Top Tier Capital Partners.
Founded in 2012, the San Francisco-based company enables consumers and businesses to pay their bills digitally through the use of a credit card. The platform, which has a 2.5 per cent fee, provides 2 per cent cash back on all purchases, business tax reductions, and early pay discounts.
It works by a user inputting the recipient’s details into the platform, Plastiq then charges the user’s card and will then pay the recipient on the user’s behalf.
Plastiq works with credit card providers including American Express, Discover, Mastercard, Visa, and JCB, among others. Its solution has been used by over one million customers, helping to process billions-worth of transactions.
These funds will be used to launch new payment services and accelerate growth within the small business market. Capital from the round will also be used to acquire new business customers.
Plastiq CEO Eliot Buchanan said, “We have a singular vision to make it easy to pay for virtually any expense with your credit card. Whether you are a small business owner looking to take advantage of hard-earned credit to pay for inventory or a commercial lease, or a consumer looking to maximize points by using Plastiq to pay your rent or tuition, Plastiq helps fund your most important payments—the ones you need to grow, compete, and win.”
The new funding comes after several new executive hires at Plastiq including the appointments of Noah Goldberg as head of operations, Robert Mahnke appointed to the general counsel and as head of compliance and Serena Satyasai as head of marketing and SMB sales.
Alongside this, former Apple executive and Box founding executive Karen Appleton Page and Phoenix Suns vice chairman Sam Garvin joined Plastiq’s board of directors.
Copyright © 2018 FinTech Global
