Plastiq to Merge With Colonnade SPAC in $480 Million Deal (1)

Payments provider Plastiq Inc. has agreed to go public via a merger with Joseph Sambuco’s blank-check firm.

Plastiq’s tie-up with Colonnade Acquisition Corp. II will create a company with a value of about $480 million, including debt, according to a statement Thursday.

Founded in 2012, Plastiq offers payments services to small and midsize businesses. The company, whose backers include Kleiner Perkins, B Capital Group and Khosla Ventures, is forecasting revenue of $75 million for this year.

Eliot Buchanan, Plastiq’s founder and chief executive officer, will continue to lead the company along with existing management.

Buchanan said in ...