Playter, a London-based growth platform that helps SME’s scale quicker with buy now, pay later (BNPL), has today announced the closing of a $55 million funding round from the backers of Klarna, SoFi and Pipe.
The funding is a mixture of equity and debt.
The investment follows seed funding of $1.7 million in March, continuing Playter’s accelerating growth in recent months. This series of funding will contribute to even further expansion within the UK market, with the company having international ambitions in the future.
Jamie Beaumont, founder and CEO of Playter, said: “BNPL for business is a completely different concept to B2C BNPL. Right now, there are very few B2B purchases happening online. We’ve created a platform that gives total control for businesses to dictate what payment terms they want to have, helping them pay over 6-12 months, whilst their suppliers are still paid within 24 hours. With this superpower, we help businesses that want to scale regardless of the market conditions.”
For SMEs, Playter allows businesses to take control of payment terms. This means that they can spread the cost of software, agency fees, rent, marketing, and many more payments over 6 or 12 months.
Beaumont continues: “For SMEs, the ability to take advantage of annual discounts on software as well as smoothing out cashflow can be invaluable in tougher times. Playter doesn’t just help businesses with cashflow, it also helps redistribute liquidity, allowing businesses to invest in high growth areas such as marketing, hiring and development.”
Jon Cholak, managing partner at Adit Ventures, said: “Adit sees in Playter a unique SME-focused BNPL platform that helps growing companies better manage their working capital. Playter’s management team, technical platform and customer-first focus all make for a compelling investment opportunity, and we see a growing need for their services across the ecosystem particularly as capital and credit conditions tighten because of broader macroeconomic trends.”
Playter has a truly unique commercial model, boasting a world-first subscription model within the B2B lending markets. This means all funding is non-dilutive, unsecured, and carries no interest either.
Francesco Filia, CEO of Fasanara Capital, said: “We are delighted to partner with Playter. As funding dries up for early stage companies, Playter brings to the table an innovative and highly flexible funding offer that we believe will greatly benefit the ecosystem”.
Playter’s seamless model means that SMEs can apply in just five minutes and access funds in as little as 24 hours from gaining access to the platform. Business owners keep full control, with no dilution or restrictive debt.
Looking ahead, Playter will continue to build on its unique approach to scaling businesses to set a new standard for SME funding with speed and simplicity.