Hungarian fintech startup PastPay bags €12M to help businesses with flexible payments

Budapest-based PastPay, a B2B payment solutions provider, announced on Tuesday that it has secured €12M in a Series A funding round, led by Platina Capital, making it the largest B2B BNPL raise across CEE.

Platina Capital is a global private equity and venture capital company.

The VC company’s mission is to empower the most promising companies with both international and domestic growth potential, thereby enhancing their global competitiveness. 

Others, including MBH Bank, Advance Global Capital, Quantic Financial Solutions, STRT, and BNL Start Partners, as well as several high-profile private investors, such as Jared Schrieber and Mark Ransford, participated in the funding round.

The Hungarian company will use the funds to expand its offerings, focusing on B2B transactions and financing across Europe.

They will also invest in product development and digital infrastructure to fully support merchants in digital and traditional formats.

Benjamin Berényi, Co-Founder and CEO at PastPay, says, “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.”

PastPay: B2B payment solutions

Founded by Benjamin Berényi and Bálint Réti, PastPay provides B2B payment solutions and offers Buy Now, Pay Later (BNPL) services to enable flexible payment terms for business transactions.

Since the launch, the company has enabled over 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 over €33M in financing to support SMEs across the European Union, helping businesses to grow and thrive with greater financial flexibility.

Specifically, the platform enables businesses to extend payment terms for purchases from over 170 merchants by 15 to 90 days.

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.

Bálint Réti, Co-Founder and COO at PastPay adds, “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.”

Mark Ransford, a private investor who participated in the Series A raise, says, “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. 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.