Having started 2023 with the announcement of its Series A funding round, Pliant is closing the year with an extension that brings its total Series A to €33 million, the largest of any fintech in Germany. The new investment comes from Molten Ventures, joining existing Series A investors SBI Investment, Alstin Capital, and Motive Ventures. In addition, Pliant has secured €100 million in debt refinancing to solidify its financial position going into 2024.
Pliant’s Series A is one of several significant milestones the company achieved in 2023. Having acquired the EMI license in Finland in August, Pliant has successfully passported the license to 25 countries across the European Economic Area (EEA). Not only will Pliant be able to issue cards in these countries, but the company will also be able to provide additional financial products and services that serve the unique needs of customers in these countries.
To that end, Pliant has developed multi-currency capabilities, and can now offer its services in 11 currencies. This will allow customers to be billed in other currencies besides Euros, which is especially useful for companies that have significant transaction volumes in currencies like USD, for example, and want to be billed in the same currency as the transaction currency. In addition, Pliant will be able to expand into markets that do not have EUR as the national currency.
Pliant’s Cards-as-a-Service product has also demonstrated its value to partners, evidenced by the success of the early partnerships with Circula and Candis. Pliant’s CaaS product allows partner businesses to launch their own credit card programs to serve their customers, and aid expansion into several new markets. The continued success of this second go-to-market strategy and development in both the product and regulatory side of the business make for a promising 2024 ahead.
“Looking back at 2023, we are very proud of what the team has achieved, and despite the current market environment, we are still able to expand all over Europe and secure a significant Series A,” said Malte Rau, CEO of Pliant
Since 2020, Pliant has been on a mission to rethink credit cards and empower companies to grow by providing a smart way to pay that scale with their business. With its app and API-based solutions, Pliant gives companies the ability to issue physical and virtual credit cards, automate payment processes, track spending and seamlessly integrate all of these data into their finance stack.
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- Source: https://www.eu-startups.com/2024/01/berlin-based-pliant-extends-series-a-to-e33-million-and-snaps-e100-million-in-debt-facility/
