Fintech startup Playter has raised $55 million in debt and equity round that received participation from Adit Ventures, Fasanara Capital, Act Venture Capital, 1818 Ventures, and Fin Capital. The latest funding round follows after the London-based fintech startup raised a seed funding of $1.7 million back in March.
With the funding it just received, Playter plans on scaling its buy-now-pay-later offering for small and medium enterprises (SMEs).
In a statement, the startup’s founder and CEO Jamie Beaumont said that “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 to 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.”
The startup claims to give businesses control over the terms of payment when borrowing, allowing them to spread costs such as software, rent, marketing, agency fees, etc., over a period of 6 or 12 months. It also adds that these SMEs will receive funds within 24 hours of their application.
Buy-now-pay-later, shortened to BNPL has become really popular in places around the world. There are startups such as Klarna, helping people spread payments for a long period without interest and other charges. Small and medium businesses can also benefit from services such as the offering being provided by 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,” Francesco Filia, CEO of Fasanara Capital commented.
Jon Cholak, managing partner at Adit Ventures also commented that “Playter’s management team, technical platform, and customer-first focus all make for a compelling investment opportunity.”