Budapest-headquartered PastPay, a prominent B2B payment solutions provider, announced a successful Series A funding round totaling €12 million. The funding, led by Platina Capital, sets a record as the largest B2B BNPL (Buy Now, Pay Later) raise in Central and Eastern Europe (CEE). The company plans to channel the funds into expanding its service offerings and bolstering its digital infrastructure to support merchants across Europe.
PastPay’s recent funding round follows a trend of increasing investments in fintech companies focusing on flexible payment solutions. Last year, another CEE-based fintech secured a substantial investment to enhance its digital payment capabilities, highlighting regional growth. Compared to past funding rounds, which primarily focused on consumer-oriented BNPL services, this year’s investment in PastPay underscores a shift toward B2B solutions, reflecting the evolving market demands.
Expanding B2B Payment Solutions
PastPay was founded by Benjamin Berényi and Bálint Réti to provide flexible payment terms for business transactions. The company has enabled over 170 merchants to offer deferred payment options, processing more than 15,000 transactions and facilitating over €33 million in financing for SMEs across the European Union. These efforts aim to support business growth by providing greater financial flexibility.
Strategic Plans and Investor Support
Platina Capital, a global venture capital firm, led the funding round, with participation from MBH Bank, Advance Global Capital, Quantic Financial Solutions, STRT, BNL Start Partners, and notable private investors such as Jared Schrieber and Mark Ransford. The funding will be used to expand PastPay’s presence in Europe, with a keen focus on product development and risk infrastructure to counter AI-enhanced cyber threats.
PastPay’s Co-Founder and CEO, Benjamin Berényi, highlighted the growing demand for digital and flexible payment solutions in B2B commerce.
“B2B commerce is becoming an increasingly digitized 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.”
Co-Founder and COO, Bálint Réti, emphasized the company’s goal to become a pan-European provider.
“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 startups, 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 can finance over €300 million worth of invoices per year.”
This significant investment positions PastPay to expand its market presence and enhance its service offerings, addressing the increasing need for digital and flexible payment solutions in B2B commerce. The company’s ability to integrate both online and offline transactions offers a competitive edge, providing vital liquidity for SMEs. The ongoing investment trend in B2B fintech solutions reflects the broader industry’s evolution and the growing importance of financial flexibility for businesses.
