Playter now able to offer up to £1m per year in funding to UK SME’s
Exciting 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 innovative growth platform, reducing business owners’ burn rates, increasing runway, and freeing up capital.
Up until now, Playter could offer up to £400k, with bespoke subscriptions calculated per customer through a unique algorithm connecting to open banking software to assess eligibility. Having recently raised $55m with major 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’s 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.”