SAN FRANCISCO — Plastiq has raised $27 million in financing from Atlas Venture, Khosla Ventures and Top Tier Capital Partners. Plastiq will use the funds to roll out new payment services and accelerate growth in the small business market.
Plastiq offers bill paying with benefits, enabling business owners and consumers to use a credit card for virtually any expense, even ones like rent or business supplies that normally require a check.
Plastiq users can benefit from credit card points programs, early payment discounts, or a few days’ float while an invoice settles. The company works with all major credit card providers, including American Express, Discover, Mastercard, Visa, and JCB, and its payments platform has served more than one million clients, processing billions in payments for a wide range of expenses, from business supplier payments, to contractors, to taxes and rent.
“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.” said Eliot Buchanan, Plastiq CEO.
Plastiq plans to use the funds from this round to acquire new business customers and develop additional payment services designed for small and medium-sized businesses.
Plastiq recently expanded its leadership team bringing on seasoned executives with expertise in the SMB market and payments industry who are adept at scaling teams for growth. New team members include:
- Noah Goldberg joins Plastiq as Head of Operations. An early employee of StubHub, he led Operations as the company experienced massive growth resulting in a $300 million acquisition by eBay.
- Robert Mahnke was appointed General Counsel and Head of Compliance. He brings 20 years of legal experience and deep payments expertise from legal roles at PayPal and eBay.
- Serena Satyasai joins Plastiq as Head of Marketing and SMB Sales. A former Google and YouTube executive, she has extensive experience growing small business products globally.
In addition, Plastiq has added new Board members and advisors. Karen Appleton Page, a former Apple executive and founding executive at Box, joins the Plastiq Board of Directors. Sam Garvin, Vice Chairman of the Phoenix Suns and a Plastiq investor, is now also serving as an advisor to the company.
“Plastiq has a unique opportunity to change the way businesses manage their payments and bring new levels of flexibility and convenience that business owners crave,” said Garth Timoll, managing director, Top Tier Capital Partners.