Playter is the growth platform that helps amazing businesses scale quicker, reduce their burn rate, increase their runway and take control of all payment terms regardless of the supplier. Playter is the favoured alternative finance method for amazing VC-backed businesses. Playter recently raised $55m to scale their B2B BNPL solution for SMEs in the UK.
How did you come up with the idea for Playter?
Coming from a background working in SMEs, one of the most painful issues was being paid late, or not at all! It put a strain on the business and its ability to pay our own salaries and suppliers. I wasn’t a big fan of invoice factoring as helping businesses get paid was just half solving the issue. The real remedy was helping other businesses pay, this removing the problem of not being paid. In April 2020 I ran an idea past my old colleague from recruitment and he validated what I thought. There is a problem, and it needs solving.
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How has Playter evolved over the last couple of years?
We’ve evolved massively. From changing our commercial model to completely pivoting our go-to market strategy where we initially sold our product to recruitment agencies, who then sold it onwards to their clients. We’ve also grown in people. In September 2021, it was just me in the business and in July 2022, we boast 14 FTEs and ten consultants.
Playter now is the world’s first subscription-based funding model that allows amazing start-ups and scaleups to instantly convert their expenses into BNPL, spreading the costs over 6-12 months whilst their suppliers are paid in 24 hours.
What can we hope to see from you in the future?
Expect to see Playter grow internationally as well as add valuable additional products. We want to help fund over 1m businesses worldwide and there has never been a greater opportunity to help than during a macroeconomic downturn.