B2B BNPL Platform Playter Raises $1.7M

Playter, a U.K. growth platform that offers buy now, pay later (BNPL) invoicing to startups, has raised $1.7 million in seed funding.

The London-based company announced the funding on its blog Tuesday (March 15), saying it would use the money to sustain its growth over the next few months. Playter says it has grown more than 1,000% in size and revenue in the past few months.

Founded in 2021, Playter says it reduces small to medium-sized enterprises’ (SME) burn rates and lets them control payment terms, no matter their suppliers. The company it says it lets startups use BNPL for online purchases as well as service expenses to free up capital.

As PYMNTS reported last year in a profile of the company, Playter’s solution lets businesses invite their small and medium-sized business (SMB) customers onto a platform to where they can upload invoices, submit payment details, and then make payments in installments over six months

“Accessing funds for businesses can be a painful, complex and time consuming experience, but we’re here to fix that,” founder Jamie Beaumont said in the company’s announcement.

“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.”

Read more: BNPL Finds A Niche In Small Business Hiring

Playter’s clients include companies like REalyse, Wiserfunding. The platform lets businesses access up to 300,000 pounds with no interest costs or revenue sharing.

Last year, Playter raised $1.38 million in funding from a “consortium of investors,” funds it planned to use the investment to bolster its team, invest in marketing and to strengthen the customer experience.

Speaking to PYMNTS last year, Beaumont said the company’s offering can let SMEs increase their hiring budgets based on internal cash flow needs.

“If I’m a business and I have 30,000 pounds to spend in the first quarter and £30,000 to spend in the second quarter, then I can actually spend £60,000,” Beaumon told PYMNTS. “Therefore, I can grow quicker and more efficiently, and get an ROI quicker knowing the cost is spread over two quarters.”