There is no shortage of “buy now, pay later” startups in Europe, and a quick search reveals. Berlin-based fintech startup Mondu has raised €39.9m to expand its B2B solution BNPL. Madrid RITMO has earned more than 184 million euros. Tranch in the UK launches BNPL into the B2B market with €4 million. Billy from Berlin collects about 86.2 million euros. The list goes on!
The latest to enter the BNPL field attacking the B2B/SME market is Player London-based BNPL platform designed for small and medium businesses. A $55 million funding round from Adit Ventures and Fasanara Capital has now been completed, which also includes Fin Capital, Act Venture Capital and 1818 Ventures. The funding is a mix of equity and debt, but what that split is has not been disclosed. The investment follows $1.7 million in seed funding in March.
Jamie Beaumont, founder and CEO of Playter, said in a statement: “BNPL for business is a completely different concept than B2C BNPL. There are very few online B2B purchases right now. We have created a platform that gives companies full control over what payment terms they want to have, helping them pay within 6-12 months while their suppliers get paid within 24 hours. With this superpower, we help companies that want to scale regardless of market conditions.”
Playter says this allows businesses to control payment terms so they can spread software costs, agency fees, rentals, marketing and other payments over 6 or 12 months. It states that SMEs can access the funds within 24 hours of applying.
John Colak, Managing Partner at Adit Ventures, said: “Playter’s management team, technical platform and customer focus all create compelling investment opportunities.”
Francesco Filia, CEO of Fasanara Capital, added: “As funding for early stage companies dries up, Playter is offering an innovative and highly flexible funding offering that we believe will greatly benefit the ecosystem.”
Credit: techcrunch.com /