UK-based B2B buy now, pay later startup Playter has closed on a $55 million debt and equity round from the backers of Klarna, SoFi and Pipe.
Adit Venture Capital and Fasanara Capital lead the round, with additional investments from Fin Capital, Act Venture Capital and 1818 Ventures. The investment follows seed funding of $1.7 million in March.
Playter promises to help SMEs reduce their burn rate by paying for professional services invoices in instalments.
Launched last year, the platform allows businesses to unlock up to £300,000 with no interest costs or revenue sharing with a subscription fee starting at £550 per month.
Jamie Beaumont, founder and CEO of Playter, says: “BNPL for business is a completely different concept to B2C BNPL. Right now, there are very few B2B purchases happening online. We’ve created a platform that gives total control for businesses to dictate what payment terms they want to have, helping them pay over 6-12 months, whilst their suppliers are still paid within 24 hours."
Francesco Filia, CEO of Fasanara Capital, explains the investment rationale: “We are delighted to partner with Playter. As funding dries up for early stage companies, Playter brings to the table an innovative and highly flexible funding offer that we believe will greatly benefit the ecosystem”.