Shawbrook Group has acquired fintech lending proposition Imployapp, which operates as Playter, for an undisclosed sum.
Playter provides short-term cashflow loans and credit lines to small and medium-sized enterprises (SMEs) in the UK.
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The company’s platform is based on proprietary technology and delivers credit decisions through automated workflows that process data into usable information.
It includes ‘Ari’, an AI broker hub that streamlines the process for commercial finance brokers, enabling them to review their clients’ credit standing and submit applications.
Since 2021, Playter has enabled more than £100m of lending to SMEs in the UK.
The funds have been utilised for a range of purposes, including VAT payments, and working capital to business expansion, recruitment and staff training.
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By GlobalDataPlayter CEO and founder Jamie Beaumont said: “Playter was created to give SMEs and brokers a clearer, faster and more accurate route to funding. Our proprietary AI platform has demonstrated that technology can materially improve how businesses access finance and how brokers support their clients.
“Combining Playter’s technology with Shawbrook’s market reach, capabilities and funding resources, we are exceptionally well placed to broaden access to fast, flexible finance for UK SMEs in this important segment of the market.”
Following this acquisition, Playter’s team and technology will be integrated into Shawbrook’s existing digital capabilities, funding advantages and distribution network.
Shawbrook commercial chief banking officer Neil Rudge said: “SMEs still turn to their advisers and brokers to find the funding they need to invest in growth, efficiency and productivity.
“Playter has built a data led platform that helps brokers do exactly that, simply. Combining its talented team, proven proposition and innovative technology with Shawbrook’s existing offering is an exciting opportunity, allowing us to further build on our presence in this large and growing segment of the market.”
In September, Shawbrook announced the purchase of ThinCats Group, which provides funding solutions for growth-oriented SMEs.
