Payment Company Plastiq Goes Bankrupt in Wake of SVB’s Collapse

Payments provider Plastiq Inc. filed for bankruptcy on Wednesday, capping a tumultuous year in which its plan to go public via a merger with a blank-check company fell through and its primary bank, Silicon Valley Bank, failed.

The San Francisco-based company listed both assets and liabilities in the range of more than $50 million to as much as $100 million in a Chapter 11 petition filed in the District of Delaware.

Plastiq has secured $7.1 million of debtor-in-possession funding to finance itself through bankruptcy, court papers show.

The company plans to sell itself in bankruptcy. Priority Technology Holdings, a ...