Playter, a buy now – pay later (BNPL) startup, has raised a $1.7 million Seed round, according to a statement from the company.

Playter is a London-based platform that aims to help startups scale quicker with BNPL invoicing. The round was co-led by global investment firm Fin Capital and 1818 Ventures, with participation from RLC Ventures, and investment network Angels. Marc Cohen, Partner at 1818 Venture Capital, has joined the Playter board.

Playter reports that it has grown over 1,000% in size and revenue in recent months. The company did not provide specific metrics.

Jamie Beaumont, founder and CEO of Playter, said that accessing funds for businesses can be complex and time-consuming but they want to fix that.

“Our subscriptions offer clients access to easy, fast and affordable funding to spread their services into manageable payments. We’re helping businesses increase their liquidity and stretch their cash flow further and for longer.”

Playter explains that it reduces a business’ burn rate, by allowing smaller firms to take control of all payment terms regardless of the supplier. Instead of businesses being only allowed to use BNPL for their online purchases, Playter will allow startups to use it on their own services expenses and free up capital that can be used to invest in growth.

“We’ve designed this platform for businesses who want to convert their invoices into smaller, more manageable payments and take advantage of upfront discounts. We’ve effectively given businesses full control over how they use BNPL in their growth,” said Beaumont. “Playter allows innovators to scale at speed with fast, flexible funding. We’re shaking things up for the B2B BNPL space and beyond.”

Founded in 2021, Playter allows businesses to unlock up to £300,000 with no interest costs or revenue sharing with a subscription fee starting from £550 per month.

Henry Cashin, Head of Europe at Fin Capital, commented:

“We are excited about the new generation of B2B embedded BNPL FinTechs in the wake of the success of Klarna, Affirm, and Block/Afterpay. We are bullish on what the team at Playter is building and the great early traction they are seeing. B2B embedded BNPL is the next big wave in this space and we look forward to supporting Jamie and the team as they scale.”

Playter’s model is designed to allow SMEs to apply in just five minutes and access funds in as little as 24 hours from gaining access to the platform.