London-based buy-now pay-later firm Playter said it is eyeing up new international markets with its B2B product today after announcing a $55m funding injection.
Playter, which offers businesses the chance to spread payments across areas like marketing, software and rent, has bagged the fresh funding from previous backers of Klarna and SoFi, and said it would use the capital to fuel a growth push this year.
Boss of Playter Jamie Beaumont told City A.M. the increase in demand for its products had been “dramatic” in recent months as businesses look to manage costs with a recession looming.
“There has been a massive increase in demand, and the macroeconomic circumstances have played a big part of that,” he told City A.M.
“Even firms that were cash rich are trying to extend their runway and ensure they have a more responsible balance sheet.”
Beaumont said Playter was “ready made for a recession” and expected demand to continue to soar as the economic environment deteriorated. Bosses are now eyeing up a hiring expansion with the new cash, as well a move into new international markets.
The fresh funding, a mixture of debt and equity, was led by investors Adit Ventures and Fasanara Capital, and follows a $1.7m seed funding round in March.
Boss of Fasanara Capital Francesco Filia said the firm would play a key role for firms as firms face a difficult environment in the months ahead.
“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,” he said.
Launched last year, Playter allows businesses to unlock up to £300,000 with no interest costs or revenue sharing with a subscription fee starting at £550 per month.