Playter, a London-based growth firm, is using Buy Now Pay Later (BNPL) invoices to help scale up startup SMEs with a new $1.7M in seed funding.
The fund, led by Fin Capital and 1818 Ventures, affords Playter the opportunity to provide a BNPL model for SMEs to use on their own services and “free up capital that can be used to invest in growth.”
After seeing a company growth of over 1,000% in size and revenue, Playter is looking to continue its tradition of reducing businesses burn rate, increasing its runway and allowing SMEs control of all payment options.
Jamie Beaumont, Founder and CEO of Playter, commented: “Accessing funds for businesses can be a painful, complex and time consuming experience, but we’re here to fix that.
“Our subscriptions offer clients access to easy, fast and affordable funding to spread their services into manageable payments. We’re helping businesses increase their liquidity and stretch their cash flow further and for longer.”
Beaumont continued: “We’ve designed this platform for businesses who want to convert their invoices into smaller, more manageable payments and take advantage of upfront discounts. We’ve effectively given businesses full control over how they use BNPL in their growth.
“Playter allows innovators to scale at speed with fast, flexible funding. We’re shaking things up for the B2B BNPL space and beyond.”
SMEs are provided a seamless model by Playter that can be applied in five minutes across funds in a 24 hour timeframe. Business owners are benefited by keeping full control with no dilution or restrictive debt.
“We are excited about the new generation of B2B embedded BNPL FinTechs in the wake of the success of Klarna, Affirm, and Block/Afterpay,” added Henry Cashin, Head of Europe at Fin Capital.
“We are bullish on what the team at Playter is building and the great early traction they are seeing. B2B embedded BNPL is the next big wave in this space and we look forward to supporting Jamie and the team as they scale.”