PastPay, a Budapest-based B2B payment solutions company, has raised €12 million in Series A funding. Platina Partners led the round aimed at the development of new solutions, with an emphasis on B2B transactions and financing within Europe, the Recursive reports.
About PastPay
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Founded in 2019 by Benjamin Berényi and Bálint Réti, PastPay intends to deliver B2B payment solutions, including Buy Now, Pay Later (BNPL) services that cater to adaptable terms of payment for commercial transactions.
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The company is headquartered in Budapest and works across Central and Eastern Europe. According to the data, the company has helped over 170 retailers provide flexible payment terms, allowing clients to pay upon receipt in over 15,000 instances.
Investment details
Platina Partners, an independent European Investment firm, is the lead investor in this round. The Series A also saw participation from MBH Bank, Advance Global Capital, Quantic Financial Solutions, STRT, and BNL Start Partners, as well as well-known individual investors like Jared Schrieber and Mark Ransford
Mark Ransford, a private investor who took part in the Series A round, commented: “I decided 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 by this significant raise.”
Fresh funds will be utilised to develop new solutions, with an emphasis on B2B transactions and financing within Europe. The company's future plans also include scaling its solutions throughout Europe, spanning across Italy, Germany, Poland, Czechia, Slovakia, Romania, and Hungary.
