B2B BNPL Platform Player Secures $55 Million in Funding
London-based growth platform Playter, which helps small and medium-sized enterprises (SMEs) grow with B2B options buy now, pay later (BNPL), has raised $55 million in a funding round by equity and debt, according to a Wednesday, June 22. press release emailed to PYMNTS.
The funding, which comes from Klarna backers SoFi and Pipe, will help the company expand further in the UK. The release also notes that Playter has international ambitions for the future.
Playter helps small businesses control their payment terms, allowing them to access BNPL services for things like software, agency fees, rent and marketing, by spreading out payments over six or 12 months.
Jamie Beaumont, Founder and CEO of Playter, said it would help add more BNPL purchases online.
“BNPL for Business is a completely different concept from B2C BNPL,” Beaumont said in the release. “Right now, there is very little B2B shopping online.
“We’ve created a platform that puts businesses in complete control of the payment terms they want to have, helping them pay over 6-12 months, while their suppliers are always paid within 24 hours. With this superpower, we help businesses that want to scale regardless of market conditions. »
Beaumont added that taking advantage of annual software discounts can be “invaluable” for small businesses and that smoothing cash flow is “invaluable” in difficult times.
Playter’s services help reduce burnout rates for small businesses, and the company said it allows startups access to BNPL for online purchases as well as service expenses, to free up capital.
PYMNTS wrote in March that Playter had raised $1.7 million in seed funding, which the company said would help support growth over the coming months.
Read more: BNPL B2B platform player raises $1.7 million
The company, founded last year, said it had grown more than 1,000% in size and revenue in recent months.
Some of Playter’s clients include REalyse, Wiserfunding and more, and the company is giving businesses access to up to £300,000 with no interest charges or revenue sharing.