# Plastiq

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/plastiq

- Industry: Financial Services
- Headquarters: San Francisco, US
- Website: www.plastiq.com
- Total disclosed funding: $125M
- Latest round: Series D (Dec 31, 2019)
- Investors on record: 12

## About

Plastiq Inc. offers a flexible payment platform that allows businesses to pay vendors via credit card, even if they don't typically accept card payments, enhancing cash flow management and operational efficiency.Founded in 2012 in San Francisco, US, Plastiq Inc. is a payment processing company that enables businesses to utilize credit card payments for vendors who usually do not accept them. The company has secured funding across multiple rounds, with the most recent being a Series D round in May 2023, led by B Capital Group, raising USD 70.00 mn, bringing the total amount raised to USD 70.00 mn and the current company valuation to USD 514.201 mn. The founder, Eliot Buchanan, has a history of entrepreneurial ventures, although specific prior companies are not mentioned.Plastiq specializes in a flexible payment platform that enables businesses to pay by credit card, even when their vendors do not traditionally accept card payments. The core functionality of Plastiq's services includes processing payments via domestic or international wires, same-day ACH transfers, or overnight checks, effectively streamlining the payment process for businesses. This offering addresses key challenges related to cash flow management, allowing users to defer payments to optimize their financial operations. Plastiq's customer base encompasses a diverse range of industries, including e-commerce, construction, and accounting firms, serving both small and large businesses across multiple geographical markets such as the United States, Canada, and additional global locations. By integrating with popular accounting tools like QuickBooks Online, Plastiq enhances operational efficiencies and ensures seamless payment processing for its clients.Plastiq generates revenue primarily through a service fee of 2.90% on each payment processed via credit card transactions. The platform facilitates business transactions that allow users to leverage their existing credit cards or bank accounts to pay vendors, thus extending cash flow while ensuring timely vendor payments. Clients can choose various delivery methods for payments, including electronic transfers or checks, depending on vendor preferences. The pricing structure is designed to cater to a broad audience, from individual membership clubs to large enterprises in sectors such as wholesale and manufacturing. While transactions are primarily B2B, the platform’s versatility allows it to also adapt to direct-to-consumer engagements, broadening its appeal in the financial technology landscape.In May 2023, Plastiq Inc. filed for Chapter 11 bankruptcy protection. The company has not disclosed specific new products currently in development or plans for geographical expansion. Recent funding from the Series D round will be crucial for navigating its financial challenges and supporting operational restructuring.

## Funding rounds

- Series D, Dec 31, 2019, $70M — Kleiner Perkins, Khosla Ventures, Top Tier Capital Partners, Accomplice, FJ Labs, B Capital
- Series C, Oct 2, 2018, $27M — Kleiner Perkins, DST Global
- Series B, Feb 23, 2017 — Alumni Ventures Group, FJ Labs
- Series B, Feb 8, 2016, $10M — Khosla Ventures, Flybridge Capital Partners, NextView Ventures, Alumni Ventures Group, Accomplice, FJ Labs
- Series B, Jul 2, 2014, $10M — Atlas Venture, Khosla Ventures, Flybridge Capital Partners
- Series A, Jan 23, 2013, $5.9M — Atlas Venture, Flybridge Capital Partners, Greenoaks Capital, NextView Ventures
- Series A, Apr 27, 2012, $2.4M — Atlas Venture, Flybridge Capital Partners, Greenoaks Capital, NextView Ventures

## Investors

- Atlas Venture (https://capitalatlas.ai/funds/atlas-venture) — Series A, Series B
- Flybridge Capital Partners (https://capitalatlas.ai/funds/flybridge-capital-partners) — Series A, Series B
- Greenoaks Capital (https://capitalatlas.ai/funds/greenoaks-capital) — Series A
- NextView Ventures (https://capitalatlas.ai/funds/nextview-ventures) — Series A, Series B
- Khosla Ventures (https://capitalatlas.ai/funds/khosla-ventures) — Series B, Series D
- Alumni Ventures Group (https://capitalatlas.ai/funds/alumni-ventures-group) — Series B
- Accomplice (https://capitalatlas.ai/funds/accomplice) — Series B, Series D
- FJ Labs (https://capitalatlas.ai/funds/fj-labs) — Series B, Series D
- Kleiner Perkins (https://capitalatlas.ai/funds/kleiner-perkins) — Series C, Series D
- DST Global (https://capitalatlas.ai/funds/dst-global) — Series C
- Top Tier Capital Partners (https://capitalatlas.ai/funds/top-tier-capital-partners) — Series D
- B Capital (https://capitalatlas.ai/funds/b-capital) — Series D