Plastiq, a US startup that lets SMEs pay any bill by credit card, has raised $75 million in a Series D funding round led by B Capital Group.
Kleiner Perkins, Khosla Ventures, Accomplice and Top Tier Capital Partners, all previous investors, also participated in the round, bringing Plastiq's total funding to date to more than $140 million.
Plastiq enables SMEs to use their credit cards for virtually any expense, even where plastic isn't accepted, helping users to maximize the working capital they already have while also conserving cash.
The service acts as a middle man. Users pay Plastiq with their card and, for a flat 2.5% fee, the firm then pays the ultimate recipient by cheque, wire transfer or ACH transfer.
The firm, which claims to have been used by well over a million SMEs, plans to use the latest funding to expand partnerships with key financial and payment sector players.
Eliot Buchanan, CEO and co-founder of Plastiq, says: "SMBs are the lifeblood of our economy, and in light of the economic uncertainty, now more than ever they will need innovative ways to maximize their working capital and protect cash reserves."