Milestone funding boosts Payl8r's efforts to become a £1bn business
Patience and persistence has paid off for online buy now, pay later millennial finance provider Payl8r, which has secured its first institutional funding line with Conister Bank. The achievement will boost the award-winning business’s ambitious expansion plans, which aims to become a £1bn fintech business within five years.
The funding has the potential to generate a further £40m for Payl8r and will enable further growth by helping the business expand its customer base, partner with larger brands, grow into new sectors and bring new products to market.
CEO - Louis Alexander, Managing Director - Samantha Palmer and Finance Director – Tim Slinger worked on the funding initiative, which required an 18-month process of due diligence, analysis and scrutiny.
The deal with Conister Bank was signed on 15 July, 2021 and will play an integral role in Payl8r’s mission to become the main credit provider to millennials in the UK.
Customers can use Payl8r to access interest-free credit for up to 30 days, or to spread their payments over a longer period, with over 1,000 brands already signed up for the payment method.
The rapidly expanding business has already tripled its lending with 334% growth in the last year. It has also doubled its workforce year-on-year since launching in 2016.
Payl8r is currently extending its office space and has built a new in-house creative team to propel the business forward.
Last year, Payl8r was awarded the Best Retail Finance Provider at the 2020 Consumer Credit Awards.
Managing Director at Payl8r, Samantha Palmer, said: “Closing our first funding facility with Conister Bank is fantastic news for both our firm and our customers, who could benefit from seeing Payl8r now available with many more brands they love.
"It’s been a long process, but one that will see Payl8r growing at pace and biting at the heels of our competitors to become the main provider of credit to millennials in the UK.
"The feeling in the team is electric and I’m so grateful to all the Payl8r family who have joined us on our journey and continue to play a major part in the company’s success”