Platina Capital throws weight behind B2B payment solutions firm PastPay as it bags €12 million in Series A funding

PastPay, a provider of B2B payment solutions, has announced a €12 million Series A funding round led by Platina Capital.

Currently, PastPay operates in Central and Eastern Europe (CEE), including Italy, Germany, Poland, Czechia, Slovakia, Romania, and Hungary, with expansion plans to other EU markets.

The funding round also includes participation from several financial institutions, including MBH Bank, Advance Global Capital, Quantic Financial Solutions, STRT and BNL Start Partners, as well as a number of private investors, such as Jared Schrieber and Mark Ransford.

PastPay will utilise the cash to expand its current offerings.

Benjamin Berényi, Co-Founder and CEO, comments:: “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, says: “In terms of expansion, historically we have focused 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.”

“The past years can be considered a less supportive environment for fintech start-ups, this raise 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.”

Mark Ransford, a private investor who participated in the Series A raise, says: "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.”

2024 RTIH INNOVATION AWARDS

Payments is a key focus area for the sixth edition of the RTIH Innovation Awards, which is now open for entries.

The awards, sponsored by CADS, 3D Cloud, Retail Technology Show 2025, and Business France, celebrate global tech innovation in a fast moving omnichannel world.

It’s free to enter and you can do so across multiple categories.

Key 2024 dates

Friday, 25th October: Award entry deadline 

Tuesday, 29th October: 2024 shortlist revealed

30th October-6th November: Judging days

Thursday, 21st November: Winners announced at the 2024 RTIH Innovation Awards ceremony, to be held at RIBA’s 66 Portland Place HQ in Central London.