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Credit card fintech Pliant receives EUR 26 million

Friday 17 February 2023 13:24 CET | News

Germany-based credit card fintech Pliant has received around EUR 26 million in a new round of financing. 


The Series A round was led by the Japan-based financial investor SBI Investment, followed by the VC fund Alstin and US-based MS&AD Ventures. The venture capital arm Neosfer, which belongs to Commerzbank also invested in Pliant again.

The Pliant founder did not want to comment on the company valuation on which the financing round was based, however, it is known that it has increased compared to the previous round in December 2020. According to Gründerszene, approximately EUR 18 million has already flowed into the development of the company.

 

Pliant’s offers

Pliant supplies medium to large companies with corporate credit cards. Employees can use these to pay for advertising or business trips, for example, and the cards usually have generous limits. This offer is particularly aimed at fast-growing startups, as they do not necessarily have to resort to inflexible bank loans. Pliant also enables its cards to be used with commercially available software, such as accounting tools, for example, which eliminates the need for system changes.

Accounting automations with Pliant

Pliant allows users to put their card payment accounting on autopilot. Customers can upload all their relevant accounting data like G/L accounts, VAT codes, creditors, as well as cost center data, and assign them to transactions with a few clicks or automate them entirely. Users can then review, approve, and lock all their accounting data with a tool that ensures everything has been remembered before they submit via CSV export or API integration.

Credit card fintech Pliant receives EUR 26 million

Thousands of company cards in circulation

According to a Pliant representative, sales have quadrupled and customer growth has increased almost sixfold in the past fiscal year. There are currently cards in the five-digit range in circulation in more than 1500 companies. From these, Pliant receives a fee per employee and month.


Expansion within Europe

In September 2022, Pliant expanded into four more countries: the Netherlands, Luxembourg, Portugal, and Finland. The company now offers its credit cards in a total of eight markets. As stated by a Pliant representative, demand is still high for corporate credit cards, especially for medium-sized companies or agencies that just want credit cards as an efficient means of payment.

Pliant itself has not been profitable so far, however, with the money from the new round of financing, the Pliant representative states that the company is getting close. The new financing should now be used to invest in its product, among other things.

Source: Link


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Keywords: financing , corporate card, payment processing, mobile payments
Categories: Banking & Fintech
Companies: Pliant
Countries: Germany
This article is part of category

Banking & Fintech

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Pliant

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