Launching a company into the void of a global lockdown is a daunting prospect; launching one whose primary card issuer implodes in one of Europe’s biggest financial scandals before a single card is shipped seems like a commercial death sentence. Yet for Berlin-based fintech Pliant, this crucible of crises forged a resilient enterprise and an indispensable partnership, culminating in its ambitious expansion into the highly competitive United States market. This journey from near-extinction to transatlantic contender showcases a masterclass in strategic pivoting and illustrates the evolving, synergistic relationship between agile startups and established financial giants. Pliant’s story is not just about survival; it is about how the right alliance can turn an existential threat into a powerful launchpad for global growth, a lesson with profound implications for the entire fintech ecosystem.
From Global Crisis to Global Ambition
The founding story of Pliant in 2020 is a testament to navigating extraordinary adversity. CEO and co-founder Malte Rau, alongside chief product officer Fabian Terner, initiated fundraising just as the world retreated into its first COVID-19 lockdown, a period of unprecedented economic uncertainty. Despite this challenging environment, their vision for a new kind of corporate payment platform resonated with investors, enabling them to secure €18 million in seed funding by the end of 2021. This initial success, however, was immediately tested by market realities.
The pandemic’s devastating impact on the corporate travel sector, a core target for traditional card providers, forced an immediate and critical reassessment of Pliant’s strategy. Rather than clinging to a collapsing market, Rau steered the company toward more resilient and rapidly growing digital-first payment categories. This decisive pivot toward SaaS subscriptions, cloud service expenditures, and digital marketing spend not only ensured the company’s relevance but also positioned it at the forefront of modern business-to-business (B2B) transactions. This adaptability demonstrated a foundational strength that would prove essential for overcoming even greater challenges ahead.
Redefining Corporate Payments in an Era of Embedded Finance
At its core, Pliant’s philosophy challenges the traditional view of a corporate card. As articulated by Rau, a card is not merely a piece of plastic but a sophisticated “promise to pay”—a technological instrument designed to build and maintain trust in commercial transactions. This foundational belief guided the development of Pliant’s platform not as a standalone product, but as a modular, API-first “Cards-as-a-Service” solution. This architecture allows businesses to seamlessly integrate Pliant’s payment capabilities directly into their existing software and operational workflows, a key tenet of the embedded finance revolution.
This shift from siloed financial products to deeply integrated solutions represents a significant evolution in financial technology. Businesses are increasingly demanding tools that reduce friction, automate processes, and provide real-time data insights directly within the platforms they use daily. Pliant’s offering, which includes its comprehensive “CardOS” product, is engineered to meet this demand, enabling partners to embed sophisticated card programs into their own applications. By doing so, Pliant transforms the corporate card from a simple payment tool into a strategic asset for streamlining operations and enhancing financial control.
A Partnership Forged Through Existential Threats
The most formative challenge in Pliant’s history arrived not from the pandemic, but from the catastrophic collapse of its planned card issuer, Wirecard. The insolvency of the German payments giant threatened to annihilate Pliant before it had a chance to launch, leaving it with a platform ready for market but no way to issue cards. It was in this moment of extreme vulnerability that the company’s relationship with Visa transformed from a standard network agreement into a strategic lifeline. Recognizing the potential of Pliant’s technology and the gravity of its situation, Visa moved far beyond its typical role.
Visa’s intervention was swift and decisive. Its teams actively worked to connect Pliant with a new, stable card-issuing partner, providing the critical infrastructure necessary for the company to survive. This support was not merely a passive referral but an engaged effort to ensure Pliant could navigate the complex regulatory and operational hurdles of establishing a new banking relationship under immense time pressure. The successful resolution of this crisis, facilitated by Visa’s deep industry network and commitment, cemented a partnership built on a foundation of trust and mutual interest, setting the stage for a deeper, more collaborative future.
Voices from the Architects of the Alliance
The leaders who navigated these turbulent waters offer the clearest perspective on the partnership’s significance. Pliant CEO Malte Rau is unequivocal about the impact of Visa’s support during the Wirecard crisis, stating plainly, “Without Visa’s immediate assistance, Pliant might not have survived.” He notes that the company would have likely exhausted its seed capital in the search for a new issuer had it been forced to go it alone. This firsthand account underscores the existential nature of the threat and the critical role Visa played in the company’s very existence.
From Visa’s perspective, this level of engagement reflects a strategic evolution in how the payments giant interacts with the fintech community. Cher Keck, Visa’s head of B2B fintech partnerships for North America, describes the company’s role as shifting from that of a service provider to a “trusted advisor.” Keck explains that Visa actively helps fintechs like Pliant navigate complex ecosystems, connects them with essential partners like banks and merchants, and collaborates on co-marketing initiatives to amplify their market presence. This hands-on approach is exemplified by the two companies’ forward-looking collaboration on emerging payment needs, such as “Fleet 2.0,” which addresses the evolving requirements of modern commercial transportation and logistics.
The American Playbook for Market Entry
Armed with a robust platform, a proven business model, and over 3,500 clients across Europe, Pliant has embarked on its most significant strategic initiative: conquering the U.S. market. For Rau, succeeding in the world’s largest and most dynamic card market is the ultimate validation of Pliant’s global potential. This expansion is powered by a $40 million Series B funding round, which provides the necessary capital to execute a carefully crafted go-to-market strategy tailored specifically for the American landscape.
The U.S. playbook differs significantly from the approach that brought success in Europe. Instead of relying on the broad-based digital marketing campaigns that effectively captured a fragmented European market, Pliant is implementing a targeted, direct outbound sales model aimed at larger U.S. enterprises. To lead this charge, Rau has personally relocated to New York to build and oversee a national sales organization from the ground up. This move signals a deep commitment to understanding and penetrating the nuances of the American corporate environment. Once again, Visa proved instrumental, facilitating crucial introductions to U.S. financial institutions and helping Pliant navigate the country’s complex regulatory framework. This support culminated in a vital partnership with Washington-based Coastal Community Bank, which now serves as Pliant’s U.S. issuer and enables its nationwide operation.
The journey of Pliant, from a startup born amidst unprecedented global turmoil to a formidable player entering the American market, offered a compelling narrative of resilience and strategic foresight. The company’s ability to pivot its business model in the face of a pandemic and survive the collapse of a key partner highlighted its inherent agility. Central to this success story was the profound and multifaceted partnership with Visa, which evolved from a crisis intervention into a deep, collaborative alliance. This relationship provided not only the essential operational infrastructure but also the strategic guidance and ecosystem access necessary to navigate immense challenges and seize new opportunities. By establishing a strong foothold in the United States, Pliant validated its innovative approach to corporate payments and demonstrated a powerful model for how fintechs and established financial leaders could collaborate to drive the future of commerce.
