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Plastiq
Payment and cashflow management platform
- 101-200 employees
- Fintech
- B2C
- B2B
- Payments
- SoMa, San Francisco, CA
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Company mission
To empower small businesses to achieve their goals.
11% employee growth in 12 months
Our take
Plastiq offers a service whereby individuals and businesses can make payments by a card that the vendor wouldn't usually accept. For example, you can remove the inconvenience of paying by paper check or use your credit card for a vendor that only accepts debit cards, and so this creates repayment flexibility for the user. It’s free to create an account, and multiple cards can be added to one account. Plastiq makes its money by charging a 2.5% processing fee for every transaction made.
Plastiq provides a way for SMBs and consumers to pay their bills and make sure they have reliable cash flow. For example, restaurants sometimes have a drop in revenue due to seasonality or unforeseen circumstances and can use Plastiq to pay suppliers using a credit card.
Challenges for the business have arisen, with some limits being placed on the types of payments that can be made via the service on particular cards which could affect the usefulness and appeal of the service. There’s also competition from companies such as Fundbox and Brex to consider. However, Plastiq continues to move towards catering for SMBs which according to founder Elliot Buchanan, now provide 90% of Plastiq’s revenue.
Kirsty
Company Specialist at Welcome to the Jungle
Benefits
- Personal growth
- Awesome vacation and paid holidays
- Competitive salary and equity
- Work at the office or work from home
- Commuter benefits
- Use Plastiq for free
- Paid parental leave
- Full health care coverage
Company values
- Get it done
- Own the outcome
- Adapt with conviction
- Trust the team
Funding (last 2 of 9 rounds)
Mar 2020
$75m
SERIES D
Feb 2020
$0.4m
SEED
Total funding: $174.7m
This company has top investors
Leadership
Eliot L. Buchanan
(CEO)They studied Economics at Harvard, before co-founding Plastiq in May 2011 upon graduation. They have worked as CEO since.