Florida-based B2B payments platform Plastiq is to become a publicly traded company following a merger with special purpose acquisition company (SPAC) Colonnade Acquisition Corporation.

The new company, with an estimated $480 million in value, will continue to be run by CEO Eliot Buchanan and go by the name Plastiq.

Plastiq expects the transaction to increase its balance sheet by about $320 million, freeing up a sizable amount of capital for both organic and inorganic expansion.

The deal’s earnings will be utilized by paytech to expand the company and its line of SME-focused products.

Plastiq, which was established in 2012, focuses on “mostly underserved” small and medium-sized businesses. Through the use of business credit cards and short-term financing, its platform enables payments between payer and supplier, automates payables and receivables, and frees up cash flow.

“As a public company, we plan to continue to invest in opportunities to scale the business with a growing product suite that will enable us to provide SME owners with access to sufficient, on-demand cash flow, which is a critical component to grow their businesses.”

                                                                              Eliot L. Buchanan, Co-Founder, Plastiq.