Fledgling fintech secures £40m funding line in bid to become £1bn business in five years

Online buy now, pay later millennial finance firm, Payl8r, has secured a £40m institutional funding line which will boost the Altrincham-based venture’s aim to become a £1bn fintech business within five years.

Payl8r, which employs 27 staff, has been given the funding by Isle of Man-based Conister Bank.

It has the potential to generate further funding which will help the business grow its customer base, partner with larger brands, grow into new sectors, and bring new products to markets.

The funding initiative involved an 18-month process of due diligence, analysis and scrutinisation for Payl8r’s chief executive Louis Alexander, managing director Samantha Palmer and finance director Tim Slinger, who aim to become the main credit provider to millennials in the UK.

The firm has already tripled its lending with 334% growth in the past year and has doubled the workforce year-on-year since launching in 2016.

It is currently extending its office space and has built a new in-house creative team to keep the business moving forward.

Samantha Palmer said: “Closing our first funding facility with Conister Bank is fantastic news for both our firm and our customers, who could benefit from seeing Payl8r now available with many more brands they love.

“It’s been a long process, but one that will see Payl8r growing at pace and biting at the heels of our competitors to become the main provider of credit to millennials in the UK.”

She added: “The feeling in the team is electric and I’m so grateful to all the Payl8r family who have joined us on our journey and continue to play a major part in the company’s success.”