Plastiq Nets $27 Million from Kleiner Perkins and DST Global in Series C Funding
Company Will Use Funds to Expand Partnerships and Services and Transform the Way Business Owners and Entrepreneurs Unlock Credit to Accelerate Growth
SAN FRANCISCO, Nov. 19, 2018 /PRNewswire/ -- Plastiq, the best way to pay bills by credit card, today announced it has raised $27 million in Series C financing. The round was led by Kleiner Perkins with participation from DST Global. Kleiner Perkins general partner, Ilya Fushman, will join the Plastiq Board of Directors. The funds will be used to accelerate growth and roll out new services that help business owners and entrepreneurs more fully tap into their existing credit card lines to fund business expansion.
According to Bank of America, more than two out of three businesses plan to expand in the next five years yet one in three express concern about credit availability. For many businesses, credit cards are their most accessible financing tool, providing a revolving line of credit they can immediately use to fund or expand business operations. With Plastiq, business owners can pay virtually all their expenses by credit card, which allows them to better manage cash flow, tap early pay discounts and earn card rewards.
Metro Vein, a specialty medical clinic with more than 12 locations across Michigan, New Jersey, New York and Texas, uses Plastiq to pay its vendors who do not accept credit cards. "With Plastiq, I was able to invest in a new line of business that has enabled me to more than double our revenues in the last ten months," said CEO Dmitri Ivanov. "Using the service was simple and I consider the company a must-have for any business owner who is looking to expand operations."
With this round of funding, Plastiq will develop and deepen its partnerships with key players in the financial and payments sectors, such as MasterCard and other major card brands. "In the past year, we've seen a much greater interest for Plastiq's services across the payments ecosystem. Business owners and consumers alike have told us they want to use their credit cards to pay any expense they wish, whether it's business supplies or rent," said Eliot Buchanan, Plastiq CEO. "This latest investment will help us make Plastiq more available to our customers wherever is most convenient for them."
"Today's payments market is undergoing a rapid transformation driven by advancements in technology that benefits both businesses and consumers," said Ilya Fushman, General Partner, Kleiner Perkins. "Plastiq holds a unique value proposition that not only empowers small business owners to continue growing their operations, but also offers an advanced platform that makes it possible to pay for their most important expenses and obtain the capital they need, anytime and anywhere."
In October 2018, expedited check delivery was announced as a new part of Plastiq's Accelerated Payment Suite. The feature includes standard and expedited ACH bank transfers and US domestic wire transfers, offering a flexible, easy-to-use way for customers to maximize their credit line.
About Plastiq
Plastiq is bill pay with benefits, enabling business owners and consumers to use a credit card for virtually any expense, even ones that normally require a check. With Plastiq, it's easier to earn credit card rewards, tap early-payment discounts, and use your cash in ways that make the most sense for you. Plastiq works with all major credit card providers, including American Express, Discover, Mastercard, Visa, and JCB, and its payments platform has signed up 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. Learn more at www.plastiq.com.
About Kleiner Perkins
For five decades, Kleiner Perkins has partnered with some of the most ingenious founders in technology and life sciences, helping them make history with their bold ideas. Through twenty venture funds and four growth funds, we've invested $10 billion in hundreds of companies including pioneers such as Amazon, Genentech and Google. Today, Kleiner Perkins continues to invest in founders and their bold ideas helping them to make history. For more information, visit http://www.kleinerperkins.com and follow us @kpcb.com
SOURCE Plastiq
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