London-based start-up Playter is taking the BNPL space “by storm,” as they announce an increase in the amount of funding SMEs can access through their growth platform, “reducing business owners’ burn rates, increasing runway, and freeing up capital.”
Up until now, Playter could offer up to £400k, with subscriptions calculated per customer through a unique algorithm “connecting to open banking software to assess eligibility.” Having recently raised $55m with backing from Fasanara Capital, Fin Capital, Adit Venture Capital as well as Act Venture Capital, Playter is now able “to increase the amount they can fund businesses up to £1m, giving startups and scaleups the ultimate freedom and flexibility of funding with no strings attached”
Playter’s approach to SME funding “continues to make waves in the BNPL space and beyond, and this latest announcement is no exception.”
Where traditional funding routes may have gone cold for early-stage start-ups, Playter claims its offering is a beacon for a multitude of innovative businesses “looking not just to survive, but thrive.”
By allowing companies to go beyond using BNPL for online purchases, Playter’s platform instead “spreads the cost of professional service invoices, meaning business owners can free up capital to invest into high growth areas, such as software costs, recruitment, rent and many more invoiced costs.”
By increasing its funding offer to £1m, Playter gives more control “to an even wider range of businesses who want to scale quickly; on their own terms.”
Playter’s Founder & CEO Jamie Beaumont says:
“We’re doing everything possible to give more value to millions of exciting businesses in the UK. Increasing our funding amount to £1m makes a huge difference to those looking for funding outside of equity and traditional debt. What’s more, we don’t ask for restrictive covenants or revenue share, meaning the Playter product can help you keep what you earn and invest in. We are now hoping to help fantastic businesses thrive through this turbulent period of economic uncertainty.”
You may sign up to Playter in “as little as 5 mins, with a decision in under 24 hours that could put you on the fast track to scaling.”
