UK-based Buy Now, Pay Later (BNPL) provider Playter has secured USD 1.7 million in a seed funding round co-led by Fin Capital and 1818 Ventures to sustain its growth plans.
For SMEs, Playter may reduce a business' burn rate, increase runway, and allow them to take control of all payment terms regardless of the supplier. Instead of businesses being only allowed to use BNPL for their online purchases, Playter will allow startups to use it on their own services expenses and free up capital that can be used to invest in growth.
Company officials stated that accessing funds for businesses can be a complex and time consuming experience, but they aim to solve that. Their subscriptions offer clients access to funding to spread their services into manageable payments. They claim to be helping businesses increase their liquidity and stretch their cash flow.
Playter’s seamless model means that SMEs can apply in five minutes and access funds in around 24 hours from gaining access to the platform. Business owners keep full control with no dilution or restrictive debt. Looking ahead, the company will continue to build on its approach to scaling businesses and set a new standard for SME funding.
Since its inception in 2021, Playter has supported its service across a variety of industries spanning technology and consumer finance with clients including REalyse, Wiserfunding, and more. The platform allows businesses to unlock up to GBP 300,000 with no interest costs or revenue sharing with a subscription fee starting from GBP 550 per month.
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