Playter set to fund over £100m for SMEs in 2024 following 1,000 per cent growth

For SMEs in the UK, Playter is rapidly becoming a name to recognise. As an ‘innovative’ alternative funder, Playter specialises in assisting SMEs to manage their finances more effectively.

The London based company offers a “simple, yet innovative” service: spreading the cost of bills over monthly instalments, while ensuring suppliers are paid immediately. The sign-up process is swift, taking about two minutes, with most applicants receiving a funding offer within 24 hours.

The year 2023 has marked a ‘significant milestone’ in Playter’s journey, witnessing a 500 per cent increase in lending and revenue, coupled with a 1,000 per cent growth in loans disbursed.

This surge in popularity comes at a critical time, as rising interest rates pose significant challenges for UK SMEs. Playter’s credit funding offers a lifeline, providing businesses with essential cash flow to invest and grow.

Looking ahead to 2024, Playter is poised for “even greater achievements”. With plans to launch new products and an ambition to fund thousands of SMEs, the company’s goals are set.

This year alone, Playter has successfully funded over 2,000 businesses, creating over 600,000 days of flexible payment terms and progressing towards its global target of aiding 1 million SMEs.

Playter’s client base spans a diverse range of sectors, predominantly including professional and business services, manufacturing, and software, yet its solutions are adaptable to most industries.

The upcoming year promises to be exciting for Playter. The company is set to expand its payment options and scale new products, enabling B2B customers to offer even more flexible payment terms.

This expansion reflects Playter’s commitment to continual innovation and support for the evolving needs of SMEs.

In 2024, Playter will look to become the ultimate B2B payments provider, powered by Credit. Meaning they will be able to assist with funding both accounts receivable and payable, whilst allowing their customers to pay via multiple methods.

By Matthew Neville – Senior Correspondent, Bdaily

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