Plastiq, an online payments solution provider based in Boston, Massachusetts with offices in Toronto, Canada has closed a $6M round of Series A financing.
The round was jointly led by venture capital firms Atlas Venture and Flybridge Capital Partners. Investors from the previous round, NextView Ventures and Greenoaks Capital Management LLC, also participated alongside angel investors including Harvey Golub, former Chairman and CEO of American Express.
"I first met Dan Choi and Eliot Buchanan at Harvard's i-lab when they were undergraduates and watched them develop their concept to reality," said Jeff Bussgang, general partner at Flybridge Capital Partners. "The early traction the company has achieved is amazing. With its innovative vision, state-of-the-art product, and strategic partnerships, Plastiq is well positioned to transform the payments industry."
Ryan Moore, partner at Atlas Venture commented, "The team of people Eliot has assembled is unparalleled in their expertise and equally motivated to build a truly game-changing payments platform."
Both Mr. Moore and Mr. Bussgang serve on the Board of Directors of Plastiq.
Plastiq is advancing innovative payment solutions across North America. The Plastiq online platform allows consumers to use their credit cards for payments in situations when they previously could not. Plastiq charges consumers a nominal fee for each transaction, historically charged to the merchant, for the added flexibility to strategically use their preferred credit cards. The Plastiq platform allows consumers and merchants to transact from anywhere in the world at any time from any internet-enabled device.
Dan Choi, COO and Co-Founder stated, "Last year's initiatives demonstrated consistent demand for our service, and I'm excited to see continued growth in 2013." Through the relationships Plastiq has made with credit card associations, financial services providers, and merchants, the company is defining a new, convenient way for users to make payments when they were not able to do so previously.
"This round of funding is a testament to our value proposition and customer demand across North America," said Eliot Buchanan, CEO and Co-Founder. "We're extremely pleased that these investors share our vision for Plastiq."