The acquisition will allow Priority to adopt Plastiq’s bill pay and instant working capital access platform, which will, in turn, improve its embedded finance solutions.

The payments fintech filed for bankruptcy under Chapter 11 of Title 11 of the U.S. Code on 24 May.

“The synergies between our respective B2B payment assets will help business owners optimise their cash flow and working capital strategies”, said Thomas Priore, chairman and CEO of Priority.

“Our decision to enter into this agreement was simple. Strategically speaking, Plastiq’s buyer-driven B2B product suite is a natural complement to our CPX Automated Payables offering, and the company has an extremely talented team with a mindset that will fit naturally into the collaborative and execution-oriented culture at Priority.”

Plastiq: Company profile

Plastiq is a US-based B2B payments firm founded in 2012 that services small and medium-sized businesses (SMEs). Its flagship product, Plastiq Pay enabled companies to pay suppliers by credit card, becoming an alternative to traditional bank loan payments.

In February 2021, the company joined forces with Ramp, a corporate card provider. The then-partnership allowed businesses to track and control their spending in one place with the Ramp card.

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Eliot Buchanan, Plastiq’s CEO, commented: “We are excited that Priority believes in Plastiq’s business and the potential for the future of Plastiq, Powered by Priority. We know it can be a great fit for our customers and employees as we drive our operation forward.

“As a leader in B2B and Enterprise payments, Priority’s Passport financial tool set already has the resources to advance our offering, and we are encouraged by the potential to deliver Plastiq’s solutions to Priority’s over 250 thousand merchants and distribution partners within its SMB acquiring division”, Buchanan added.