High growth payments platform returns to its roots, opening an office and expanding staff in the city where it was founded
SAN FRANCISCO, Dec. 7, 2018 /PRNewswire/ -- Plastiq, the best way to pay bills by credit card, today announced it is expanding to Boston, where the company was originally founded, opening an office and significantly expanding its employee base.
After an extensive analysis of U.S. talent markets, Plastiq determined that Boston offered the best combination of an educated labor force, diverse culture, high quality of life and low crime rate, making it an attractive option for expanding Plastiq's workforce. A recent report also found that Boston is the best city to find employment. The city received high marks in standard of living, opportunities for women and disposable income levels.
The company is in high growth mode, having just received an infusion of funding in a $27 million round led by Kleiner Perkins. Boston is home to a large pool of engineering and technology talent. The city is #7 on CBRE's annual "Scoring Tech Talent" report, which ranks 50 U.S. and Canadian markets based on their ability to attract and grow tech talent. According to the report, Boston is a top tech-job creator and tech talent attractor, growing nearly 57% in the last five years.
Plastiq already has deep roots and history in Boston. Co-founders Eliot Buchanan and Daniel Choi first launched the company in Boston while studying at Harvard. Plastiq was incubated at Harvard Innovation Labs, took seed funding from The Yard and was later featured in a Harvard Business School case study. The company's first venture capital firm, Accomplice, met Eliot and Dan through Harvard.
"Plastiq was founded and launched in Boston and we have strong ties to the city, which makes it a perfect home for our expanding workforce," said Eliot Buchanan, Plastiq's CEO and co-founder. "Located in one of the top markets for tech talent, our Boston office will be instrumental as we build out our team and continue to enhance our payments platform to meet growing demand from business owners and entrepreneurs."
"From their start at Harvard, to the early days when they were establishing the business, Plastiq has its roots in Boston. The team attracted capital on the West Coast and have had impressive growth, but Boston is ripe with technical talent and resources and we're excited for their homecoming," said Ryan Moore, founding partner, Accomplice.
"As Plastiq looks to accelerate growth, the Boston market offers a vibrant and thriving tech community and staggering amount of talent to support the company as it expands," said Lee Hower, partner, NextView Ventures.
Plastiq will be exhibiting at the upcoming Built In Boston "Top Companies Hiring" event on January 17th to provide local engineers a glimpse into working at Plastiq.
Plastiq is bill pay with benefits, enabling business owners and consumers to use a credit card for virtually any expense, even ones that normally require a check. With Plastiq, it's easier to earn credit card rewards, tap early-payment discounts, and use your cash in ways that make the most sense for you. Plastiq works with all major credit card providers, including American Express, Discover, Mastercard, Visa, and JCB, and its payments platform has signed up more than one million clients, processing billions in payments for a wide range of expenses, from business supplier payments, to contractors, to taxes and rent. Learn more at www.plastiq.com.
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