Pliant, a Berlin-based company specializing in the latest generation of corporate credit cards, has announced an additional €8M in its Series A extension round, bringing the total Series A funding to €33M. This new investment, led by Molten Ventures, includes contributions from existing Series A investors SBI Investment, Alstin Capital, and Motive Ventures.
In addition to the equity funding, Pliant has secured a significant €100M in debt refinancing to solidify its financial position as it enters 2024. This move follows a successful €26M Series A funding round in the previous year, led by Japanese fintech investor SBI Investment.
CEO’s Reflection on Growth and Expansion
Reflecting on the company’s achievements in 2023, CEO Malte Rau expressed pride in the team’s accomplishments and the ability to expand across Europe despite challenging market conditions. The significant Series A funding underscores the company’s potential and growth trajectory.
Corporate Credit Card Offerings
Founded in 2020 by Malte Rau and Fabian Terner, Pliant offers modern corporate credit cards with a comprehensive card management platform. This platform allows for flexible card limits, real-time reporting, and integration with existing accounting and travel expense management tools. Pliant offers both virtual and physical Visa credit cards, including Blue (Visa Platinum Business) and Black (Visa Infinite Business credit cards), accepted by over 40M retailers in over 200 countries.
Expanding Financial Services in the EEA
In August 2023, Pliant obtained the EMI license in Finland and has now extended the license to 25 countries across the European Economic Area (EEA). This expansion enables Pliant to issue cards in these countries and offer a range of financial products and services tailored to the specific needs of customers in these regions.
Multi-Currency Capabilities and Market Expansion
Developing multi-currency capabilities, the fintech is now poised to offer its services in 11 currencies and expand into markets without the EUR as the national currency. The Cards-as-a-Service product allows partner businesses to launch their credit card programs, aiding expansion into several new markets.
Molten Ventures, one of Europe’s most active venture capital firms, and SBI Investment, a Japan-based venture capital firm, have shown confidence in Pliant’s vision and growth potential, supporting the company’s expansion and innovation in the corporate credit card sector.
Continued Growth and Market Impact
The latest funding round and debt refinancing mark a significant step in its journey to innovate in the corporate credit card market. With a strong financial position and expanding services, the german startup is set to continue its growth and impact in the European financial sector.