Pliant, a burgeoning business-to-business (B2B) credit card platform, has recently closed a significant funding milestone.
This round of Series A extension financing exceeded €18m and was spearheaded by PayPal Ventures. Joining the lead were stalwart supporters including SBI Investment, Motive Ventures, and Alstin Capital, culminating in a total Series A haul exceeding €50m.
Pliant’s core business revolves around its innovative cards-as-a-service (CaaS) model. This product empowers partner companies to roll out tailored credit card programs, thus fostering new revenue streams and enhancing customer loyalty. Pliant’s CaaS has proven particularly successful in establishing early partnerships with tech entities such as Candis and mobilexpense, as well as several banking institutions.
The influx of fresh capital is earmarked for significant expansions, particularly Pliant’s push into new markets, starting with the United Kingdom. The additional resources will bolster its go-to-market strategy and further the development of its CaaS offerings throughout 2024.
Additional highlights from Pliant’s journey include its impressive revenue doubling in 2023 and continued robust financial performance into 2024. The company has successfully extended its Electronic Money Institution (EMI) licence across 25 nations within the European Economic Area (EEA), a strategic move that enhances its capability to issue cards and introduce other financial products tailored to regional demands.
In terms of strategic advancements, Pliant is making its first foray outside the European Union, with the UK as its initial target. To support this expansion, the firm has developed multi-currency capabilities, now offering services in 11 different currencies, which simplifies billing processes for businesses handling transactions in multiple currencies.
Reflecting on the new partnership and future prospects, Pliant CEO Malte Rau remarked, “We are excited to welcome PayPal Ventures as a new shareholder, and we’re looking forward to continuing to grow the company as we expand into new markets, starting with the UK.”
PayPal Ventures Partner Ashish Aggarwal also shared his enthusiasm, stating, “Pliant has emerged as a leading player in B2B payments in continental Europe, thanks to its next-generation, multi-tenant credit card-as-a-service platform that allows easy integration via application programming interfaces or embedded user interfaces. We are proud to be backing the company on their growth path.”
Previously, Pliant had already amassed more than €50m in Series A financing, setting a solid foundation for their ongoing expansion and product development efforts.
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