German B2B credit card platform Pliant has secured an investment of $28m in its new Series A round led by Japanese investor SBI Investment.
The round was also joined by the company’s existing investors Alstin Capital, Motive Ventures and Commerzbank’s early-stage fund neosfer as well as new investors MS&AD Ventures and others.
Pliant aims to use the new funding to further support its growth.
Pliant co-founder Malte Rau said: “Winning SBI Investment as an experienced fintech investor to lead the round is great validation of our approach.”
Founded 2020, Pliant currently offers Visa credit cards.
The fintech startup’s B2B credit card platform has been designed to help firms to improve their payment procedures using physical and virtual credit cards, which can be easily incorporated into the firm’s current financial processes and software.
Partners of Pliant in the financial software market can also embed the firm’s B2B credit card options into their current product portfolio.
SBI Investment representative director, chairman and president Yoshitaka Kitao said: “Pliant’s vision and unique go-to-market have convinced us that Pliant has the potential to become a dominant B2B card provider.”
The latest investment follows an announcement made by Pliant about its expansion into Austria.
The move represented the firm’s first international expansion and was aimed at tapping entities with high credit card spending, irrespective of the size of their workforce.