Plastiq, a San Francisco, CA-based provider of a solutions to pay bills by credit card, raised $27m in Series C financing.
The round was led by Kleiner Perkins with participation from DST Global. In conjunction with the funding, Kleiner Perkins general partner, Ilya Fushman, will join the Plastiq Board of Directors.
The company intends to use the funds to accelerate growth and roll out new services, develop and deepen its partnerships with key players in the financial and payments sectors, such as MasterCard and other major card brands.
Led by Eliot Buchanan, CEO, Plastiq allows business owners to pay virtually all their expenses by credit card, which allows them to manage cash flow, tap early pay discounts and earn card rewards.
The company 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.
In October 2018, Plastiq announced expedited check delivery as a new part of its Accelerated Payment Suite. The feature includes standard and expedited ACH bank transfers and US domestic wire transfers, offering an easy way for customers to maximize their credit line.