Greater Manchester ‘buy now, pay later’ finance firm has secured £ 40million funding increase to help with plans to become a £ 1billion fintech company sterling within five years.
Altrincham-based Payl8r has entered into its first line of institutional finance with Conister Bank, which has the potential to generate an additional £ 40million for the company and will help it grow its customer base, partner with larger brands, to develop in new sectors and to offer new products to markets.
Managing Director Louis Alexander, Managing Director Samantha Palmer and CFO Tim Slinger worked on the fundraising initiative, which required an 18-month due diligence, analysis and scrutiny process.
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The growing company has already tripled its loans with a 334% growth last year and has doubled its workforce year on year since its launch in 2016.
Payl8r is currently expanding its offices and has put in place a new in-house creative team to continue to propel the business forward.
Samantha Palmer said, “The closure of our first finance facility with Conister Bank is great news for our business and our customers, who could benefit from the availability of Payl8r along with many other brands they love.
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“It has been a long process, but one that will see Payl8r grow at a steady pace and bite the heels of our competitors to become the leading provider of millennial credit in the UK.
“The feeling in the team is electric and I am very grateful to the entire Payl8r family who have joined us on our journey and continue to play a major role in the success of the company.”
According to its latest accounts published on Companies House, for the 12-month period to March 30, 2020, the company reported revenue of £ 11.3million and pre-tax profit of £ 3.8million. sterling.
The accounts for its last financial year have not yet been made public.
The company is owned by Louis Alexander who founded it in 2013.