PastPay, a B2B payment solutions provider, has announced a series A funding round worth €12 million, led by Platina Capital in collaboration with several leading financial institutions and known private investors. PastPay’s mission is to provide innovative B2B payment solutions that enable flexible payment terms for business transactions.
The funding round, conducted by private equity player Platina Capital, aims to accelerate the business development of the B2B payment provider. Currently, PastPay operates in Central and Eastern Europe (CEE), including Poland, as well as in Germany, Czech Republic, Slovakia, Romania, Hungary, and Italy, with plans to expand to other EU markets. This round of funding included several leading financial institutions, including MBH Bank, Advance Global Capital, Quantic Financial Solutions, STRT, and BNL Start Partners, as well as many known private investors, such as Jared Schrieber and Mark Ransford.
PastPay is transforming B2B commerce by offering innovative financial solutions that allow sellers and their business customers to manage payments on their own terms. The platform facilitates smooth transactions both online and offline, providing flexible payment terms that boost the liquidity of firms across the European Union. Specifically, PastPay enables companies to extend payment terms for purchases from over 170 sellers, from 15 to 90 days. Focusing on simplicity, efficiency, and innovation, PastPay aims to set new standards in the B2B payment industry, driving economic growth, and enabling small and medium-sized enterprises (SMEs) to develop.
PastPay plans to use the funding to expand its current offerings to customers throughout Europe. The company plans to invest in product development as well as expand digital services and infrastructure, providing full support to sellers operating in both digital and traditional channels.
The company has already collaborated with sellers in Poland and plans to attract more, primarily targeting sellers in the electronics, construction, HORECA, and fashion industries. It is also expanding its team and is currently recruiting a Polish sales manager.
“B2B commerce is becoming increasingly digitalized, and demand for flexible forms of payment matches the demand for innovative technological solutions. The funding we have obtained shows that investors want to exploit this demand and lead in a market that, while still in its early development stage, promises strong growth and profitability. To achieve this, we must continue to invest in the product area and, as the threat of AI-based cybercrime grows, we need to strengthen our risk infrastructure,” says Benjamin Berényi, co-founder and CEO of PastPay.
Bálint Réti, co-founder and COO of PastPay, adds: “So far, we have focused on the Central and Eastern European region, but our goal is to become an all-European provider and a trusted partner in the area of payments and financing of transactions throughout the European Union and EEA. The last few years have been a challenge for the fintech industry, but the success of our funding round confirms the quality and resilience of our product and team. Cooperation with new investors fits our mission of increasing access to financing for as many SMEs as possible. New partners bring not only deep knowledge of finance and technology but also an extensive network of contacts from which we can draw. Thanks to this funding, we can handle invoices worth over €300 million a year.”
“I decided to invest in PastPay because of the company’s high-quality team and very efficient overhead cost structure. The founders’ ambitions for expansion into Western Europe are also particularly attractive and will be significantly bolstered by this financing. PastPay’s commitment to delivering a platform that seamlessly integrates both online and offline transactions seriously set them apart, with the ability to offer flexible payment solutions that significantly boost the liquidity of smaller firms across Europe,” says Mark Ransford, a private investor who participated in the series A funding round.
Since launching, PastPay has already enabled over 170 sellers to offer flexible payment terms, allowing customers to pay later in over 15,000 cases. The company has allocated over €33 million to financially support SMEs across the European Union, helping firms grow and thrive thanks to added financial flexibility. Now, with this significant funding round, PastPay is well-positioned for further accelerating growth and expanding its B2B payment solutions, including B2B Pay Later, across Europe.
Source: https://managerplus.pl/pastpay-pozyskuje-12-mln-euro-w-serii-a-najwieksza-runda-dla-b2b-bnpl-w-europie-srodkowo-wschodniej-74871
