Playter Pay is one of a large and growing number of companies looking to make scaling a business more accessible and affordable. Founder, Jamie Beaumont conceived ‘Hire Now, Pay Later’ after discovering first-hand a pain point for both recruiters and SME’s in the up-front cost associated with recruitment fees.
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This week, the company announced that it has raised £1 million led by a consortium of investors. The investment, comprising both debt and equity will allow Playter Pay to help SMEs borrow and spread the cost of their recruitment invoices over 6 months, whilst paying the recruitment agency within 24 hours of invoice.
Some of the UK’s fastest growing tech start-ups have already committed to the Playter platform, the largest of which boasts revenues of £20m annually.
“Playter brings to market a completely unique product that allows agencies to focus on what they do best – finding the right candidate for their client – and enabling SMEs and the recruiters who serve them to grow and thrive,” founder, Jamie Beaumont says. “Our mission is to empower SMEs, enabling them to obtain the right talent they need to accelerate and scale, whilst also allowing recruiters to focus on what they do best.”
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A representative from the investor consortium says, “Playter Pay is a disruptive concept in a historically slow-moving industry. Although the Recruitment space has adopted new technology over the years, there has been little evolution within recruitment finance. We’re delighted to invest in what we think will be a game changer within the recruitment industry.”
Playter says this round will go towards its own recruitment, marketing and enhancing its customers’ user experience.