By: 23 April 2024

The round takes the German credit card provider to a total sum of more than €50m

Pliant has raised over €18m in a Series A extension

Pliant, a B2B credit card fintech based in Berlin, Germany, has raised over €18m in a Series A extension, bringing the round’s total sum to more than €50m.

The latest round of funding was led by PayPal Ventures, with additional participation from existing investors Alstin Capital, SBI Investment and Motive Ventures.

Pliant previously raised €28m via its initial Series A funding round in February this year, and will now seek to expand its cards-as-a-service (CaaS) product to markets beyond the European Union, starting with the UK.

To support its planned expansion, the fintech has developed multi-currency capabilities and claims to now provide services in a total of 11 different currencies.

This development enables customers to be invoiced in the same currency used to complete the transaction, which Pliant says is “particularly useful for companies with significant transaction volumes in non-EUR currencies”.

Moreover, it asserts that the cash injection follows its “solid performance in 2023”, during which it doubled its annual revenues.

This additional financing comes on the heels of solid performance in 2023, when Pliant more than doubled its annual revenues, with continued strong momentum in 2024. The company has successfully passported its Electronic Money Institution (EMI) license to 25 countries across the European Economic Area (EEA), allowing Pliant to not only issue cards in these countries but also to provide additional financial products and services that serve the unique regional needs of their customers.

Founded in 2020, Pliant’s platform allows businesses to issue both physical and virtual credit cards, monitor expenditures, and automate payment processes through its app and API-driven solutions.

Malte Rau, chief executive officer of Pliant, said: “We are excited to welcome PayPal Ventures as a new shareholder, and we’re looking forward to continuing to grow the company as we expand into new markets, starting with the UK.”

Ashish Aggarwal, partner with PayPal Ventures, commented: “Pliant has emerged as a leading player in B2B payments in continental Europe, thanks to its next-generation, multi-tenant credit card-as-a-service platform that allows easy integration via application programming interfaces or embedded user interfaces. We are proud to be backing the company on their growth path.”

Image: Towfiqu barbhuiya on Unsplash

Robert Welbourn
Robert Welbourn is an experienced financial writer. He has worked for a number of high street banks and trading platforms. He's also a published author and freelance writer and editor.