A Greater Manchester 'buy now, pay later' millennial-focused finance firm has secured a funding boost worth £40m to help its plans to become a £1bn fintech firm within five years.
Altrincham-based Payl8r has agreed its first institutional funding line with Conister Bank which has the potential to generate a further £40m for the company and will help it 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 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.
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."
According to its most recently-published accounts on Companies House, for the 12 months to March 30, 2020, the business reported a revenue of £11.3m and pre-tax profits of £3.8m.
Accounts for its most recent financial year have not yet been made public.
The firm is owned by Louis Alexander who founded it in 2013.
