PastPay, a provider of B2B payment solutions, has announced a €12 million Series A funding round led by Platina Capital in collaboration with several leading financial institutions and high-profile angel investors. PastPay’s mission is to provide innovative B2B payment solutions, enabling flexible payment terms for business transactions.

The funding round, led by private equity specialists Platina Capital aims to accelerate the B2B payment provider’s business development. Currently, PastPay operates in Central and Eastern Europe (CEE), including Italy, Germany, Poland, Czechia, Slovakia, Romania, and Hungary, with expansion plans on the horizon. Strengthening the impressive raise, PastPay’s funding round also includes participation from several leading financial institutions, including MBH Bank, Advance Global Capital, Quantic Financial Solutions, STRT and BNL Start Partners, as well as a number of high-profile angel investors, such as Jared Schrieber and Mark Ransford.

PastPay is transforming B2B commerce by offering innovative financing solutions that empower merchants and their business customers to manage payments on their own terms. The platform facilitates seamless transactions both online and offline, providing flexible payment terms that enhance liquidity for companies across the European Union. Specifically, PastPay enables businesses to extend payment terms for purchases from over 170 merchants by 15 to 90 days. With a focus on simplicity, efficiency, and innovation, PastPay aims to set new standards in the B2B payments industry, driving economic growth and enabling small-to-medium enterprises (SMEs) to thrive.

Moving forward, PastPay will utilise the new injection of funds to expand its current offerings, making B2B transactions and financing as seamless as possible for users across Europe. This will involve a two-stage strategy focused on investment in product development and the expansion of its digital services and infrastructure, ensuring that merchants operating in both digital and traditional formats are fully supported.

Benjamin Berényi, Co-Founder and CEO at PastPay, commented on the announcement: “B2B commerce is becoming an increasingly digitised market, and the demand for flexible payment options is matching the need for innovative solutions. This funding shows that investors are keen to leverage this demand and lead in a market that is still in its early stages but with the promise of robust growth and profitability. For this to happen we need to invest further in the product side and with the growing threat of AI-enhanced cybercrime, strengthen our risk infrastructure.”

Bálint Réti, Co-Founder and COO at PastPay, added: “In terms of expansion, we are primarily focusing on the CEE region. However, our goal is to become a pan-European provider and a reliable payment and financing partner for all transactions within the European Union and EEA. PastPay is based in the CEE, which is not typically considered the go-to destination for most investors. However, raising this significant funding in what can be considered a hostile economic environment for fintech start-ups showcases the quality and resilience of our product and team.

Our partnership with these new investors aligns with our vision of making financing accessible to as many SMEs as possible. They bring significant expertise in finance and technology, as well as a robust network we can leverage. With the current funding round we have the ability to finance over €300 million worth of invoices per year.

INVESTOR PLACEHOLDER QUOTE:

Mark Ransford, an angel investor who participated in the Series A raise, commented: “I took the decision to invest in PastPay on account of the company’s high-quality team and their very efficient overhead structure. The founders’ ambition to expand into Western Europe is also particularly compelling and something that will be greatly bolstered from this significant raise. PastPay’s commitment to delivering a platform that seamlessly integrates both online and offline transactions truly sets it apart, with its ability to offer flexible payment solutions that significantly enhance liquidity for smaller enterprises across Europe.

“In the rapidly expanding B2B payments sector, PastPay stands out for its unwavering focus on simplicity, efficiency, and innovation. I am confident that, with this new investment, PastPay is well-positioned to establish new benchmarks in this rapidly growing industry, contributing to economic growth and empowering SMEs to thrive. I am excited to support Balint, Benjamin, and their team on this journey to redefine how businesses manage their financial transactions, and I look forward to collaborating with them as they work towards this vital goal.”

Since launch, PastPay has already empowered over 170 happy merchants to offer flexible payment terms, enabling customers to pay later on more than 15,000 occasions. In doing so, the company has allocated over €33 million in financing to support SMEs across the European Union, helping businesses to grow and thrive with greater financial flexibility. Now, on the back of this sizable raise, PastPay is well-positioned to further accelerate this growth and expand its B2B payment solutions, including B2B Buy Now, Pay Later across Europe as it works to reshape the future of B2B payments.

About PastPay

PastPay is a fintech startup focused on providing B2B payment solutions and offers Buy Now, Pay Later (BNPL) services to enable flexible payment terms for business transactions, enhancing liquidity for small and medium enterprises across the European Union.

For more information about PastPast, please visit: https://pastpay.com/

For more information about Platina Capital: https://platinacapital.hu/