PastPay, a European B2B payment solutions provider, has secured a significant €12 million Series A funding round led by Platina Capital. This investment will fuel the company’s expansion and product development efforts as it aims to revolutionize the way businesses transact.
The funding round, which also includes participation from leading financial institutions and high-profile private investors, underscores the growing demand for innovative B2B payment solutions. PastPay’s platform offers businesses flexible payment terms, enabling them to manage their cash flow more effectively.
Earlier this month, we also reported about how one UK-based fintech unicorn Zilch surpassed $130M in revenue ahead of its IPO.
“B2B commerce is becoming an increasingly digitised market, and the demand for flexible payment options is matching the need for innovative solutions,” said Benjamin Berényi, Co-Founder and CEO at PastPay. “This funding shows that investors are keen to leverage this demand and lead in a market that is still in its early stages but with the promise of robust growth and profitability.”
How is the fund going to utilized
PastPay plans to utilize the new funding to expand its operations beyond its current presence in Central and Eastern Europe. The company aims to become a pan-European provider, offering its services to businesses across the European Union.
In addition to geographic expansion, PastPay will invest in product development to enhance its platform and provide even more flexible payment options. The company’s goal is to make B2B transactions as seamless as possible, both online and offline.
“This funding round will enable us to invest further in the product side and strengthen our risk infrastructure,” said Berényi. “We aim to become a reliable payment and financing partner for all transactions within the European Union and EEA.”
The partnership between PastPay and Platina Capital is a strategic fit. Platina Capital, a private equity firm specializing in fostering innovative enterprises, brings valuable expertise and a strong network to the table.
“I took the decision to invest in PastPay on account of the company’s high-quality team and their very efficient overhead structure,” commented Mark Ransford, a private investor who participated in the Series A raise. “The founders’ ambition to expand into Western Europe is also particularly compelling.”
What we think about the startup
PastPay’s €12 million Series A funding round is a testament to the company’s potential. With its innovative platform, strategic partnerships, and ambitious expansion plans, PastPay is well-positioned to become a leading player in the B2B payment space.
As the company continues to grow and evolve, it will be interesting to see how its solutions impact businesses across Europe and contribute to the broader digital transformation of B2B commerce.
