Payments platform provider Plastiq has raked in $75m in Series D funding to help small businesses (SMBs) use credit cards more.
The funding round was led by B Capital Group and joined by the company’s existing investors Kleiner Perkins, Khosla Ventures, Accomplice, and Top Tier Capital Partners.
The latest funding brings the total funding raised by the company to more than $140m.
Plastiq said it will use the funding to roll out its offerings to empower the underserved SMB market.
The company will do this by enabling simpler and faster-integrated payments on its platform.
The intelligent platform lets SMBs use its credit cards virtually, even where credit cards are not accepted.
Plastiq will also use the funding to expand its partnerships with all major credit card providers including Mastercard, Visa, and American Express.
Plastiq CEO and co-founder Eliot Buchanan said: “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.”
Plastiq has so far empowered over one million SMBs and other customers to optimise their working capital and protect cash reserves.
Businesses can leverage Plastiq’s platform to pay or be paid via checks, wire transfers and ACH transfers.
The platform gives real-time insights about SMBs’ payments, cash flow and working capital to enable timely payments and efficiently manage resources.
In 2019, Plastiq expanded its SMB customer base and achieved a 150% surge in SMB revenue.