Platter, a London-based growth platform that helps startups scale faster with Buy Now, Pay Later (BNPL) invoices, today announced the closure of the 1.7 million Seed Fund.
The round was co-led by global investment firm Fin Capital and 1818 Ventures, with the participation of award-winning venture capital RLC Ventures and investment network Angels.
Platter has grown in size and revenue by more than 1,000% in recent months, and funds are coming in using capital injections to sustain growth in the coming months.
Jamie Beaumont, Founder and CEO of Platter (pictured), said: “Accessing funds for business can be a painful, complex and time consuming experience, but we’re here to fix it. “We offer businesses access to affordable funding. We help businesses increase their liquidity and expand their cash flow for longer.”
For SMEs, the platter business reduces burn rates, increases runways, and allows suppliers to control all their payment terms regardless. Instead of allowing businesses to use BNPL only for their online purchases, Platter will allow startups to use it at their own expense and free up capital that could be used to invest in growth.
Beaumont continued: “We have designed this platform for businesses who want to convert their invoices into smaller, more manageable payments and take advantage of advance discounts. We effectively give businesses complete control over how BNPL uses them to grow.
“Platter allows inventors to scale faster, with faster, more flexible funding. We’re shaking things up for the B2B BNPL space and beyond. “
Since its inception in 2021, Platter has operated its services across a wide range of technologies and consumer financing with clients, including REalyse, Wiserfunding and more. The Forward-Thinking Platform allows businesses to unlock up to £ 300,000 with a simple subscription fee starting at £ 550 per month without any interest expense or revenue sharing.
Henry Cashin, Fin Capital’s Head of Europe, said: “We are excited about the new generation of B2B embedded BNPL FinTechs, following the success of Clarna, Affirm, and Block / AfterPay. We are optimistic about what the team is building on the platter and the great initial traction they are seeing. The B2B embedded BNPL is the next big wave in this space and we look forward to supporting Jamie and the team.
Mark Cohen, a partner at 1818 Venture Capital, said: “When we first met Jamie, we were incredibly impressed with the quality of the products he made. [as a solo founder]. Platter helps companies convert any invoice into BNPL to help them manage their cash flow and spend what is now important. As an investor in many fast-growing startups, it immediately strikes us as a hugely valuable product that fills an apparent market void. Jamie himself is a founder of the highest quality and it has made Platter an easy investment for us. We’re glad to support her and Platter’s journey. “Mark also joined Platter’s board.
The seamless model of the platform means that SMEs can apply in just five minutes and access funds within 24 hours of accessing the platform. Business owners have complete control over any debts or limited debt.
Looking ahead, Platter will continue to build on its unique approach to scaling businesses to set a new standard for SME funds with speed and simplicity.