This brings Plastiq's total funding to date to over $140 million. Plastiq allows customers to use their credit cards to make bill payments. To do so, users have to provide their own credit card details, as well as information about the recipient and payment amount.
Plastiq's revenue grew 150% from 2018 to 2019, and it now has a revenue run rate of nearly $100 million. There are over 1 million users on its platform, and Plastiq is on track to make over $2 billion in transactions. It seems likely that by adding more products to its offering, Plastiq will be able to further increase its user base and keep its existing customers engaged with the platform overall, helping to boost revenue.
Plastiq allows customers to use their credit cards for all payments, which would typically make it attractive under normal circumstances. Not every recipient accepts credit card payments: Landlords, for example, often Using Plastiq helps customers bypass such restrictions, which can be helpful when experiencing temporary cash flow issues, which credit cards can cover. SMBs could therefore use Plastiq during an off season or when they have to pay a supplier in advance.
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