Buy now, pay later gets all the B2C news but there’s a wealth of B2B players too. So since we are developing our job site, we probably should have seen this one coming. Playter Pay is on the scene to empower SMEs to hire the right talent whilst also protecting their cash flow. In theory, this is a win win for both sides as one of the biggest costs to a business is finding the right talent, and while some people have a dislike for recruiters, their expertise can do wonders for time-strapped businesses. And as many do not properly consider the cost of the time saved, spreading the cost of recruitment fees over time can help to soften the blow.
Playter Pay have raised £1M in funding
Yes, Playter Pay has secured a not too shabby £1M in funding which has been led by a consortium of investors. The round comprises both equity and debt funding. Playter announced that it will use the funds towards its own recruitment and marketing and focus on enhancing its customers’ user experience.
“Playter brings to market a completely unique product that allows agencies to focus on what they do best – finding the right candidate for their client – and enabling SMEs and the recruiters who serve them to grow and thrive,” founder, Jamie Beaumont said. “Our mission is to empower SMEs, enabling them to obtain the right talent they need to accelerate and scale, whilst also allowing recruiters to focus on what they do best.”
A representative from the investor consortium said, “Playter Pay is a disruptive concept in a historically slow-moving industry. Although the Recruitment space has adopted new technology over the years, there has been little evolution within recruitment finance. We’re delighted to invest in what we think will be a game-changer within the recruitment industry.”
So what exactly does Playter Pay do?
Founded by Jamie Beaumont in 2018, the company conceived the ‘Hire Now, Pay Later’ model after discovering the pain point for both recruiters and SMEs in the upfront cost associated with recruitment fees. By offering to split payments on recruitment fees, it helps SMEs hire now and pay the fees later when the employee is starting to add value to the business.
Dubbed the ‘Klarna of recruitment’ it does this by helping SMEs borrow and spread the cost of their recruitment invoices over 6 months at a low-interest rate while paying the recruitment agency within 24 hours of raising the invoice.
Anything that helps the recruitment sector get back on its feet and helps SMEs find and recruit new employees faster needs to be applauded. We have high hopes for Playter Pay and similar players which will no doubt come to market in the next 6 to 12 months.
Originally seen on UKTN (UK Tech News) Source
