PastPay: Hungarian B2B BNPL Fintech Raises $13.3M in VC Funding

BNPL’s B2B market has grown as part of a broader push to digitize payments, with small and medium-sized businesses particularly well served, PastPay CEO Benjamin Berényi told Business Insider.

“We wanted to bring an embedded finance solution to billing and accounting systems, but we found that the sales cycle is long, but in the B2B e-commerce market, things are growing fast,” he added.

The company operates in Central and Eastern Europe, accepting online and offline transactions for users through its technology platform. According to PastPay’s pitch deck shared with BI, its service is supported in 22 countries. Startups in the BNPL space have often seen their models compared to Swedish payments giant Klarna, but the B2B market is completely different.

The Series A funding round was led by Platina Capital, with support from MBH Bank, Advance Global Capital, Quantic Financial Solutions, STRT and BNL Start Partners.

“Funding was not easy. We initially came out after the war started in 2022, but we had more concrete conversations in 2023 and found that we really clicked with Platina,” said Berényi. “Our approach to digitizing financial solutions has opened up more sales channels for us and helped keep fraud rates low.”

PastPay’s funding will be directed towards continued investment in fraud prevention infrastructure and expansion of the offering to new geographies in Western Europe.

The company has about 18 employees, but expects to double that as it continues to grow, Berényi added.

Check out PastPay’s 11-slide presentation deck below: