- Plastiq launched its new Plastiq Pay answer this week.
- The brand new providing will assist small and medium-sized companies higher handle money stream and automate fee processes.
- Plastiq has raised greater than $140 million in funding and consists of Kleiner Perkins amongst its buyers.
The brand new providing from San Francisco, California-based fintech Plastiq is designed to assist small companies higher handle their money stream at a time of remarkable inflationary stress. Plastiq Pay, launched this week, permits firms to reclaim time spent managing vendor funds by hand, and makes it simpler for SMEs to attach with inexpensive working capital.
“Plastiq Pay represents the most important replace to our product providing since our founding,” Plastiq Chief Working Officer Stoyan Kenderov stated. “It solves the mismatch of how companies and suppliers wish to make and obtain funds by digitizing again workplace processes and offering instantaneous entry to quick time period financing to earn money stream simpler. It’s the results of greater than a decade of working with SMBs to assist resolve their largest challenges and friction factors.”
Plastiq Pay has 5 essential capabilities to assist small companies turn out to be extra environment friendly and higher capable of compete: bill knowledge seize, workforce workflows, computerized two-way sync, a money stream dashboard, and quick time period financing choices. Together with a cellular app that allows firms to handle payables remotely, these sources assist small companies automate all of the vital parts of the bill receipt, fee approval routing, submission and invoice reconciliation course of.
“Plastiq’s fee automation options are constructed for CFOs that wish to upskill their groups, get individuals out of mundane and handbook work, deal with extra significant finance perform optimization, and cut back cos with a extra elegant, fashionable payables platform,” Plastiq Chief Monetary Officer Amir Jafari stated.
Plastiq’s newest providing comes within the wake of a pair of partnerships solid in late 2021. In December, the corporate introduced that it was working with PayGround to assist sufferers handle and pay for healthcare bills. The strategic partnership leverages Plastiq Join APIs to allow PayGround to combine Plastiq’s fee capabilities into PayGround’s cellular app. Sufferers can then create and use their PayGround Digital Pockets to pay the medical bills utilizing no matter fee technique they like – from bank cards to HSAs to financial institution accounts. Final fall, Plastiq teamed up with community-powered company card Belief to assist companies pay for his or her advertising investments utilizing their Belief playing cards.
‘Belief is targeted on serving to members of the Belief group make smarter advertising investments and improve money stream,” Belief CEO James Borow stated. “Paying for advertising investments by means of financial institution transfers (ACH) or test can prohibit money stream and constrain progress. Our partnership with Plastiq will assist take away that hurdle.”
Based in 2012, Plastiq has raised greater than $140 million in funding from buyers together with Kleiner Perkins, B Capital Group, and Khosla Ventures.
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