Playter, a BNPL company based in the United Kingdom, has secured a $55 million loan and equity round led by Klarna, SoFi, and Pipe. 

Adit Venture Capital and Fasanara Capital led the round, and Fin Capital, Act Venture Capital, and 1818 Ventures also participated. The financing follows $1.7 million in seed funding in March. 

Playter offers to assist SMBs minimise their burn rate by allowing for the instalment payment of professional services fees. 

Launched last year, the platform enables firms to access up to £300,000 without incurring any interest fees or revenue sharing for a monthly subscription fee beginning at £550. 

Jamie Beaumont, founder and CEO of Playter, states, "Business-to-business BNPL is an entirely different notion than business-to-consumer BNPL. There are currently very few B2B transactions occurring online. We've established a platform that provides businesses complete control over their payment terms, allowing them to pay over 6-12 months while their suppliers are still paid within 24 hours." 

CEO of Fasanara Capital, Francesco Filia, explains the investment rationale: "We are thrilled to work with Playter. As capital for early-stage firms dries up, Playter presents a new and extremely flexible funding proposition that we believe will have a significant positive impact on the ecosystem.

Series B funding was raised by Prime Trust, a one-stop shop for API-based financial infrastructure for fintech and digital asset entrepreneurs. 

The following investors participated in the round: FIS, Fin Capital, Mercato Partners, Kraken Ventures, Commerce Ventures, William Blair & Company, Decasonic, University Growth Fund, Gaingels, GateCap Ventures, and Seven Peaks Ventures. 

Prime Trust provides plug-and-play widgets and APIs for key financial services, allowing businesses to begin rapidly. It claims to power mission-critical infrastructure for several of the world's most prominent crypto exchanges, NFT producers, digital wallets, ATS', RIAs, broker dealers, banks, and neobanks. 

It is offering crypto IRA, wealth, and staking products with the fresh funding. In addition, it will enhance its capacity to support tokenized products and shift to a cloud-based architecture. 

Prime Trust's CEO, Tom Pageler, explains that this strategic investment will give crucial operational skills for expanding Prime Trust's offerings to include wealth goods, Web 3 products, and DeFi products.

SumUp, a London-based mPOS provider, has raised €590 million in a capital round that values the company at €8 billion - a decrease from the €20 billion valuation it sought earlier this year. 

Bain Capital Tech Opportunities led the round, with participation from BlackRock, btov Partners, Centerbridge, Crestline, Fin Capital, and Sentinel Dome Partners funds. 

SumUp, which was founded in 2012, offers small businesses a free business account and card, an online store, and an invoicing solution, in addition to in-person and remote payments connected with its card terminals and point-of-sale registers. 

The company, which employs over 3000 people, is currently utilised by over four million enterprises in 35 countries worldwide. 

In January, it was claimed that SumUp was seeking funding at a valuation of €20 billion, although co-founder Marc-Alexander Christ is "happier" with the lesser valuation. 

Christ relates the following to the Financial Times:

"I can confidently assert that the €8 billion valuation is accurate and reasonable, as it is the price at which the company was valued in the worst markets. I do not believe the price will ever be any lower."

Peer Software today announced the formation of a strategic alliance with Pulsar Security. Through the alliance, Peer Software will leverage Pulsar Security’s team of cyber security experts to continuously monitor and analyse emerging and evolving ransomware and malware attack patterns on unstructured data.

PeerGFS, an enterprise-class software solution that eases the deployment of a modern distributed file system across multi-site, on-premises and cloud storage, will utilise these attack patterns to enable an additional layer of cyber security detection and response. These capabilities will enhance the Malicious Event Detection (MED) feature incorporated in PeerGFS.

“Each ransomware and malware attack is encoded to infiltrate and propagate through a storage system in a unique manner that gives it a digital fingerprint,” said Duane Laflotte, CTO, Pulsar Security. “By understanding the unique behaviour patterns of ransomware and malware attacks and matching these against the real-time file event streams that PeerGFS collects across the distributed file system, Peer can now empower its customers with an additional layer of fast and efficient cyber security monitoring. We are excited to be working with Peer Software on this unique capability.”

As part of the agreement, Pulsar Security will also work with Peer Software to educate and inform enterprise customers on emerging trends in cyber security, and how to harden their systems against attacks through additional services like penetration testing, vulnerability assessments, dark web assessments, phishing simulations, red teaming, and wireless intrusion prevention.

“Ransomware attacks have become so common that almost every storage infrastructure architecture plan now also requires a cyber security discussion,” said Jimmy Tam, CEO, Peer Software. “But whereas other storage-based ransomware protection strategies have focused mainly on the recovery from an attack, Peer Software’s goal in working with Pulsar Security is to prioritise the early detection of an attack and limiting the spread in order to minimize damage, speed recovery, and keep data continuously available for the business.”

Solv, a trusted B2B digital marketplace for Micro, Small and Medium Enterprises (MSMEs), raised US$40 million in Series A funding led by marquee investor, SBI Holdings, with participation from SC Ventures, Standard Chartered Bank's innovation, fintech investment and ventures arm. SC Ventures has played a leading role in building and incubating the Solv franchise.

Solv enables MSMEs, of which 95%+ are in the unorganized segment and mostly without a digital identity, to leverage the power of a full-stack e-commerce platform, and to trade in categories such as grocery, fast-moving consumer goods (FMCG), readymade apparel, electronic and accessories, home furnishings and footwear and accessories. Since its commercial launch in India 18+ months ago, Solv has gained a strong reputation among MSMEs users as a ‘trusted platform for trade’, clocking US$260 million+ Gross Merchandise Value run rate in the first half of 2022, and a 60% average repeated purchases.

This investment round will propel the company’s global expansion plans, building on the success of Solv’s strong performance in India. Solv has set its sight on further global expansion to 300+ cities in India, Africa, and Southeast Asia. The proceeds from the funding will launch additional high-margin product categories, while Solv will continue to invest in its technology – expanding the capabilities of its credit platform, supply chain finance platform, and the proprietary alternate credit score (Solv Score) and the Buy Now Pay Later (BNPL) proposition.

The SBI Group is a major Japanese financial conglomerate providing financial services in a broad range of fields including securities, banking and insurance. In addition to the financial service business, the Group also has an asset management business, focused primarily on investment in venture companies.

Commenting on the investment, Yoshitaka Kitao, CEO, SBI Holdings, said, “We are excited to lead Solv’s Series-A fund-raise, one of our largest investments in the region. We are confident that Solv will become a global technology powerhouse and play a defining role in turbo-charging the growth of underserved MSMEs. Their purpose deeply aligns with our philosophy of becoming the leader in creating and cultivating the core industries of the 21st century. Our investment in Solv is a reinforcement of our commitment to developing economies, especially India.”

Supporting Solv’s funding, Alex Manson, Head, SC Ventures, said, “The team’s obsession for the customer and their discipline of execution is impressive. Solv’s rapid growth since launch demonstrates the huge market potential in the B2B space. The partnership with SBI Holdings will help us accelerate the growth of Solv in India and expand its footprint globally.”

Jiten Arora, Head, Solv Investment Management reinforced the importance of the SBI partnership, “We set up Solv to make access to commerce and financing a reality for small businesses and in less than two years, Solv has built a strong reputation as a trusted growth partner to MSMEs. In collaboration with SBI Holdings, we look forward to improving our offering for MSMEs across multiple countries.”

German BaaS provider Raisin Bank is entering the payments industry after agreeing to acquire a Bankhaus August Lenz division. No financial details were given. 

By acquiring the payments business of the German private Bank, Raisin will be able to offer electronic payment transactions and cash solutions to its partners and their clients. 

Specifically, the company will have access to over 4,500 ATMs in Germany through partnerships with large bank-independent operators, merchants, restaurants, and gas station chains. 

Mirko Siepmann, who helped establish the vertical for Bankhaus August Lenz, will oversee the new payments section. All staff in this department in the Munich office will be retained. 

Raisin Bank's chief commercial officer, Andreas Wolf, explains: 

"As a service bank, the extension of our payment solutions will make us much more autonomous and powerful, and will further propel our growth in Europe's BaaS industry."

Pay Later, Revolut's "responsible instalments payment option," will launch this week in Ireland. 

Pay Later will be the first BNPL product in Ireland with an approved credit limit and affordability. Customers won't be limited to select merchant agreements while using Pay Later. In Ireland, where Pay Later will launch first, 1.9 million adults hold a Revolut account. The challenger bank will sell the product in Poland and Romania by 2022. 

Qualified clients can utilise Pay Later for purchases up to €499 and spread the cost over three monthly instalments, with the first instalment paid at the time of purchase. The latter two payments include a 1.65% fee per item. 

After evaluating consumer affordability through open banking, Revolut underwrites customer appropriateness for 'Pay Later' and gives them a customised limit. Revolut approves the credit limit before the transaction, unlike other BNPL suppliers. Once accepted, Revolut users can activate Pay Later and monitor their balance in the Cards section and Pay Later hub. Customers can refund early without costs. 

Pay Later is a fast-growing area of personal finance and consumer spending, therefore we're pleased to include it to our financial superapp. Revolut Pay Later gives clients greater control and freedom over their personal money in a responsible way by spreading the cost of goods across three instalments. This encourages consumers to pay within two months, rather than using overdrafts and credit cards. 

Under new guidelines suggested by the UK government, buy now, pay later lenders will be required to conduct affordability checks and avoid misleading advertising and promotions. Under the long-awaited plans, lenders would be expected to evaluate loan affordability and change financial promotion guidelines to ensure BNPL ads are "fair, straightforward, and not deceptive." 

Lenders offering the product will need FCA approval, and borrowers can complain to the Financial Ombudsman Service (FOS).

Treasury Secretary John Glen states: 

"By holding purchase now, pay later to the same high standards as other loans and credit, we safeguard consumers and support the safe expansion of this innovative business in the UK."

New business finance solution aims to alleviate growing demand for working capital in the UK

LONDON, JUNE 2022:

Muse Finance - the business finance startup - today announces that it has launched a new solution combining supply finance and invoice finance, to help businesses pay overseas suppliers while unlocking cash tied up in their pending invoices.

The new business finance product was developed by Muse after recognising a rising demand for an extension to working capital in the UK. By alleviating the financial burden on small businesses when paying their suppliers, as well as increased flexibility when repaying finance - customers can better manage their cash flow and maintain supplier relations.

With Supply Finance, Muse pays suppliers on its customers’ behalf for goods they are bringing into the UK from overseas for their business. By doing so, Muse’s customers benefit from increased cash flow flexibility while they wait for goods to arrive in the UK - repaying the loan over a 120-day period. By integrating Invoice Finance, Muse also subsequently eases the repayment of the Supply Finance by enabling customers to claim 90% of the value of their invoices within 24-hours.

This level of flexibility is increasingly important given new regulations surrounding Brexit and the fallout of Coronavirus Pandemic, both of which have caused delays in the shipment of goods to the UK, and an increased demand for working capital.

By combining Supply and Invoice Finance, customers can also eliminate the need to take on additional debt - via a business overdraft, or in company credit -  to meet repayments. Managed via the Muse portal, customers can easily monitor their cash flow and see when funds are available to their business, helping them to better forecast for future work. From application for finance, through to supplier payment and invoice management, Muse also handles the entire finance process on behalf of its business customers - alleviating the need to chase for payment.

Ringside Boxing Ltd, a provider of premium boxing equipment, is one of the first of Muse’s customers to have utilised the solution.

Ann Marie Juliano, Founder & CEO of Muse Finance said:

“Our new combined supply and invoice finance solution will help our customers seeking fast access to funds to continue to grow their business whilst alleviating the cash flow pressures that they often face. By facilitating the fast access to funds for businesses and their suppliers, we hope to help improve their relationships with their partners and streamline their business operations.”

David Hill, Director of Ringside Boxing Ltd said,

“With supply chains getting longer and longer in the wake of Brexit and the pandemic, maintaining financial stability of our business, but also ensuring our suppliers are paid on time is of paramount importance. Muse Finance’s Supply & Invoice Finance facility has helped us do just that, allowing us to make an order which has helped to grow our business, but with accessible repayment terms. We’re thankful for the increased flexibility that Muse has given our business, as well as the high level of service the team has provided when using the product.”