B2B credit card platform Pliant, based in Berlin, has announced plans for expansion following a successful funding round of $19 million led by PayPal Ventures. This latest investment brings Pliant's total Series A financing to over $53 million. Pliant offers a cards-as-a-service (CaaS) solution, allowing partners to launch their own credit card programs, thereby enhancing customer retention and creating new revenue streams. The company intends to utilize the funding to expand beyond the European Union, starting with entry into the U.K. market. With multi-currency capabilities in place, Pliant aims to cater to businesses operating in diverse markets by offering services in 11 currencies, streamlining billing processes and transaction management.
The expansion comes at a time when small to medium-sized businesses (SMBs) face challenges in accessing corporate credit cards, with only 28% having such access, according to a report by PYMNTS Intelligence. Pliant's CEO, Malte Rau, highlights the inefficiencies in traditional banking processes, emphasizing the need for seamless solutions to address pain points in transaction management and accounting. As Pliant moves to address these challenges, the company aims to revolutionize the B2B credit card landscape by providing innovative, user-friendly solutions tailored to the needs of SMBs.
