Boston Funding

Boston Startup: Plastiq Raises $10M

Plastiq, a Boston startup that has created a unique payment platform in a very crowded space just closed a $10 million dollar investment round.

The series B round was led by Khosla ventures. Khosla’s Ben Ying will join Plastiq’s board of directors. Previous investors Atlas Ventures and Flybridge Capital Partners also participated in the last round of financing, bringing their total raised to $20.3 million.

While the payment space is quickly becoming one of the most crowded out there, Plastiq’s unique feature set has investors interested.

Plastiq allows users to pay just about anything that previously required a money order, checking account or wire transfer, using a credit or debit card. Currently the service is only available in Canada but this round of funding should help them launch in the US.

The platform is nearly frictionless on the merchant side which is one of the strong points for investors.

“Plastiq stands out because it requires no merchant integration or involvement,” Ling said in a statement. “It’s consumer-focused, allowing anyone to make a payment regardless of whether the merchant is part of the ecosystem.”

Eliot Buchanan, the founder and CEO of Plastiq, announced that in the fourth quarter of this year the company will move it’s headquarters from Boston to San Francisco. “This is the place to be for Plastiq as we grow. It’s a consumer facing payments company, and there is a little more marketing talent that is product and consumer-focused out there.”, Buchanan said.