UK challenger bank Shawbrook has acquired business-to-business (B2B) finance platform Playter. The financial terms of the acquisition have not been disclosed.
Founded by Jamie Beaumont, Playter provides flexible financing solutions to small and medium-sized enterprises (SMEs) in the UK. The fintech helps businesses manage cash flow by offering short-term financing on invoices of up to 12 months, and has facilitated over £100 million in loans since launching in 2021.
The B2B buy now, pay later (BNPL) platform counts Adit Venture Capital, Fasanara Capital, Fin Capital, Act Venture Capital, Concept Ventures, and 1818 Ventures among its backers, and last raised $55 million in a combination of equity and debt funding in 2022.
Included in the acquisition by Shawbrook are Playter’s team, lending platform, and propriety broker hub Ari, which uses AI to automate client management workflows for commercial finance brokers.
In a statement, Shawbrook says it will combine Playter’s tech with its own existing digital capabilities and funding resources in an effort to broaden its suite of financing services for SMEs.
The bank currently specialises in lending and savings products for businesses, property investors, and individual customers in the UK. Earlier this year, Shawbrook went live with Thought Machine’s Vault Core banking platform in a push to scale its commercial lending capabilities for SMEs.
Shawbrook is also pursuing a keen acquisition strategy with an eye for new commercial lending capabilities, having completed its acquisition of business lender ThinCats in October.
Shawbrook’s financial standing has also been bolstered by its recent initial public offering on the London Stock Exchange, with conditional trading of shares among investors commencing on 30 October.
Source: https://www.fintechfutures.com/
