Manchester-based buy now, pay later (BNPL) fintech business, Payl8r, has been announced as a finalist in the ‘Best Retail Finance Provider’ category at the Consumer Credit Awards 2022, and will compete against credit giants PayPal and Klarna.

Payl8r won the ‘Best Retail Finance Provider’ category at the Consumer Credit Awards 2020, which aim to find those financial companies most dedicated to putting their customers first and to find the best credit providers in the UK.

The awards are voted for by customers, and the winner will be revealed on Thursday 8 September 2022.

Managing Director at Payl8r, Samantha Fogerty said: “We’re up against two global companies but feel confident that we have what it takes to win this award, as we’re a business that has always put the customer at the heart of everything we do. Unlike other lenders in the BNPL space, Payl8r has been regulated since day one and we use open banking at the point of application, so we can overlay our decision-making with real-time affordability data – this makes our process more meaningful than credit checks alone.”

Payl8r continues to lead the conversation around the need for better industry regulation and also for the use of open banking as a legal requirement for credit assessment in the same way that credit checks are. The business is a trailblazer in the use of open banking at the point of application and calls for other BNPL providers like Klarna to follow suit, as it offers a more accurate picture of an individual’s financial situation and risk level, and therefore safer lending for borrowers.

Samantha continues: “As the innovators, fintech BNPLs should be doing everything in their power to improve the financial wellbeing and help consumers manage their money, pay off debt, spread costs, improve credit scores and correct credit misuse. We do things differently and challenge the way banks and other institutions have operated for years.”

In 2022, Payl8r became the exclusive buy now pay later partner for Faces Consent, an innovative app used by the aesthetics industry to create client consent forms and purchase pharmaceutical products. The partnership is expected to bring in £24 million in revenue to Payl8r in the first nine to 12 months.

Over the next 12 months, Payl8r will diversify into different loan products including a wider range of interest-free products, loan products for the travel sector, personal loans and bespoke lending software enabling companies to create their own financial products.

The Consumer Credit Awards are voted for by consumers; they measure customer satisfaction and also how likely they are to recommend services to others.

“We’re huge advocates of responsible lending and ensuring customers get all the joy making a new purchase brings whilst securing and improving their financial wellbeing – we hope as many as possible will go online and vote for us,” concludes Samantha.

Launched in 2016, Payl8r is UK’s first BNPL business, created by millennials to offer flexible finance options for millennials and those who were previously underserved.