Plastiq Inc., a startup in financial technology, announced plans to merge with Colonnade Acquisition Corp., a special purpose acquisition company, in order to go public on Thursday. Plastiq is scheduled to go public at an implied estimated enterprise value of about USD 480 million following its merger with Colonnade.
The transaction is anticipated to increase the company’s balance sheet by about USD 320 million. According to the business, the funding will give it “significant capital flexibility for continued organic and inorganic growth.” A group of investors led by Kleiner Perkins has invested more than USD 140 million in San Francisco-based Plastiq.
Small and medium-sized businesses use the startup’s cloud-based platform to pay their suppliers.