UK Fintech Payl8r Closes Financing of £40m from Conister Bank

Fazzaco learned that Manchester-based Payl8r, which offers flexible (buy now, pay later) repayment plans and online finance, has secured £40 million from Conister Bank, an Isle of Man-based retail bank focused on the consumer and SME markets.

According to Payl8r, it made the financing agreement with Conister Bank on 15th July 2021, which was expected to enable the company to boost expansion and to achieve the goal of becoming a £1bn fin-tech business within five years. 

Moreover, the UK fintech is reported to have tripled its lending with a sharp increase of 334% in 2020, and have doubled work force year-on-year since launch in 2016. 

“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,” said Samantha Palmer, Managing Director at Payl8r.