Payl8r boost to become £1bn business in five years with first bank funding line
Online buy now, pay later millennial finance firm, Payl8r, has secured its first institutional funding line with Conister Bank, an achievement that will boost the award-winning business’s ambitious expansion plans, which includes the aim to become a £1bn fin-tech 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 grow its customer base, partner with larger brands, grow into new sectors, and bring new products to markets.
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 scrutinisation.
The deal with Conister Bank was signed on 15th July 2021 and will play an integral role in Payl8r’s mission to become the main credit provider to millennials in the UK.
The rapidly expanding firm has already tripled its lending with a 334% growth in the last year and has doubled the work force year-on-year since launching in 2016.
Payl8r is currently extending its office space and has built a new in-house creative team to keep the business propelling forward. The business had success last year, being 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”
This was posted in Bdaily's Members' News section by Paula Hunter .
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