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.
Chief Executive 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 will play an integral role in Payl8r’s mission to become the main credit provider to millennials in the UK.
Douglas Grant, Managing Director of Conister Bank, commented: “As consumer trends continue to evolve as shoppers favour e-commerce over traditional retail, Payl8r has identified a significant opportunity to provide credit to customers in the market. The company’s success has been exemplified by its already impressive growth records and we are pleased to support this next phase of Payl8r’s journey.”
The rapidly expanding firm founded in 2013, has already tripled its lending with a 334% growth in the last year and has doubled the workforce year-on-year since launching in 2016.
Samantha Palmer Managing Director of Payl8r commented: “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 has joined us on our journey and continues to play a major part in the company’s success.”
