PastPay, a Budapest-based B2B payment solutions provider, announced on Tuesday that it has secured €12 million in a Series A funding round led by Platina Capital, making it the largest B2B payment solutions provider in the world. BNPL increase throughout the EEC.
Platina Capital is a global private equity and venture capital firm.
The VC company’s mission is to provide the most promising companies with international and national growth potential, thereby improving their global competitiveness.
Other investors including MBH Bank, Advance Global Capital, Quantic Financial Solutions, STRT and BNL Start Partners, as well as several leading private investors, such as Jared Schrieber and Mark Ransford, participated in the funding round.
The Hungarian company will use the funds to expand its offering, focusing on B2B transactions and financing across Europe.
They will also invest in product development and digital infrastructure to fully support merchants in both digital and traditional formats.
Benjamin Berényi, Co-Founder and CEO of PastPay, said: “B2B commerce is becoming an increasingly digitalized market, and the demand for flexible payment options is matched by the need for innovative solutions. This funding shows that investors are eager to capitalize on this demand and take the lead in a market that is still in its infancy but promises solid growth and profitability. To achieve this, we need to invest more in the product side and, in the face of the growing threat of AI-enhanced cybercrime, strengthen our risk infrastructure.”
PastPay: B2B payment solutions
Founded by Benjamin Berényi and Bálint Réti, Past Payments provides B2B payment solutions and offers Buy Now, Pay Later (BNPL) services to enable flexible payment terms for business transactions.
Since its launch, the company has enabled more than 170 merchants to offer flexible payment terms, allowing customers to pay later on more than 15,000 occasions.
In doing so, the company has allocated more than €33 million in funding to support SMEs across the European Union, helping businesses grow and thrive with greater financial flexibility.
More specifically, the platform allows businesses to extend payment terms for purchases from more than 170 merchants from 15 to 90 days.
Currently, PastPay operates in Central and Eastern Europe (CEE), including Italy, Germany, Poland, Czechia, Slovakia, Romania and Hungary, with plans to expand to other EU markets.
Bálint Réti, Co-Founder and COO of PastPay, adds: “In terms of expansion, we have historically focused on the CEE region. However, our goal is to become a pan-European provider and a trusted payment and financing partner for all transactions within the European Union and the EEA. The last few years can be considered a less favourable environment for fintech startups, but this fundraising highlights the quality and resilience of our product and team. Our partnership with these new investors is in line with our vision to make financing accessible to as many SMEs as possible. They bring significant expertise in finance and technology, as well as a strong network that we can leverage. With the current funding round, we can finance over €300 million of invoices per year.”
Mark Ransford, a private investor who participated in the Series A round, said: “I decided to invest in PastPay because of the quality of the company’s team and its highly efficient overhead structure. The founders’ ambition to expand into Western Europe is also particularly compelling and will be greatly enhanced by this significant fundraising. PastPay’s commitment to providing a platform that seamlessly integrates online and offline transactions really sets it apart, with its ability to offer flexible payment solutions that significantly improve the liquidity of small businesses across Europe.”