Plastiq raises USD 27 mln to allow payment on credit

Wednesday 21 November 2018 10:20 CET | News

US-based paytech Plastiq has raised USD 27 million in additional financing from Atlas Venture, Khosla Ventures, and Top Tier Capital Partners.

The startup allows customers to use a credit card for virtually any expense, even ones like rent or key supplies that normally require a check. Customers can also earn credit card rewards, tap early-payment discounts, and use their cash flow however they choose.

The company provides a means of paying bills and business expenses by credit card, and it will use the funds to launch new services and target the small business market. For example, if a small business wants to ramp up production of something it is selling, it would typically have to pay up front for manufacturing. That can be an issue for the company’s operating capital, and that is where Plastiq plays its part. There is a fee of 2.5%, and the business can pay with credit up front.

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Keywords: Plastiq, payment on credit, paytech, startup, credit card, small business market, payments
Countries: World