One of United Kingdom’s fastest growing companies, Playter Pay announced that it has raised £1 million in a funding round led by several investors. The round consisted of both debt and equity which will allow the ‘Hire now, pay later’ company help small and medium-sized businesses borrow and spread their recruitment cost invoices over a time period of 6 months.
The idea behind Playter Pay is to empower SMEs with the ability to hire the talent they need while also protecting their cash flow. The fintech said that it’ll direct the freshly raised funds towards growing its team and marketing efforts. The funds will also be used in enhancing the customer experience on its product.
More on Playter Pay raising funds
A representative from the consortium of investors said that hire now pay later by Playter Pay is a disruptive concept in a ‘historically slow-moving’ industry. Though the recruitment space has adopted changes in technology over the recent years, there’s been little evolution in recruitment finance, said the representative. The investors are delighted to bet on this technology that they think will be a game changer in the recruitment industry.
Playter Pay Founder Jamie Beaumont says the company brings a completely unique product to the market that will allow agencies to focus on what they do best, which is finding the perfect candidate for their client along with enabling enterprises and recruiters to grow and thrive. Beaumont says the company mission is to empower SMEs and enable them to build the team they want by obtaining the right talent they need to scale and accelerate.
Playter Pay: a UK-based hire now pay later fintech
Founded in the year 2018, hire now pay later company Playter Pay was conceived after uncovering the pain point for SMEs and recruiters in the upfront costs that are associated with recruitment fees. The company does so by letting small and medium-sized organizations borrow and spread the cost of invoices over six months while the recruitment agency is paid within 24 hours of raising the invoice.
Playter Pay serves any company that is a registered United Kingdom SME, has 15-250 employees, 1+ years of company accounts and does not work in an industry of risk. It can fund invoices between £2000 to £15,000. Many of the United KIngdom’s growing technology startups already trust the power of the Playter Pay platform. The company generates revenue of £20m annually.
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