London-Based B2B BNPL Platform Playter Nets $55M in Funding

London-based growth platform Playter, which helps small- to medium-sized businesses (SMBs) grow with B2B buy now, pay later (BNPL) options, has raised $55 million in an equity and debt funding round, according to a Wednesday (June 22) press release emailed to PYMNTS.

The funding, which comes from the backers of Klarna, SoFi and Pipe, will help the company expand further in the U.K. The release noted also that Playter has international ambitions for the future.

Playter helps smaller businesses take control of their payment terms, allowing them to access BNPL services for things like software, agency fees, rent and marketing, spreading payments over six or 12 months.

Jamie Beaumont, founder and CEO of Playter, said this would help add more online BNPL purchases.

“BNPL for business is a completely different concept to B2C BNPL,” Beaumont said in the release. “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.”

Beaumont added that it can be “invaluable” for small companies to take advantage of annual software discounts and that smoothing out cash flow is “invaluable” in tough times.

Playter’s services help cut down on burn rates for small companies, and the company has said it lets startups access BNPL for online purchases as well as service expenses, in order to free up capital.

PYMNTS wrote in March that Playter had raised $1.7 million in seed funding, which the company said would go toward sustaining growth for the next few months.

Read more: B2B BNPL Platform Playter Raises $1.7M

The company, founded last year, said its growth had been over 1,000% in size and revenue for the last few months.

Some of Playter’s clients include REalyse, Wiserfunding and more, and the company lets business access up to £300,000 without interest costs or revenue sharing.