At this point, we’ve all read and heard a lot about consumer buy now pay later. Firms with names like Affirm, Klarna, and Afterpay have gone from heroes to goats as younger consumers rack up an unsustainable volume of BNPL obligations.

We’ve written pretty extensively here about the challenges facing consumer BNPL. This includes the beating the category has been taking in both the public (Affirm) and private (Klarna) markets. And the aforementioned erosion of the “debit economy” narrative that once propelled consumer BNPL.

Then there is B2B BNPL. This segment, which lets businesses spread out payments on essential goods like inventory, is being treated as a different animal. For now at least.

This is evidenced by UK B2B BNPL Playter (clever name) raising $55 million this week. This follows Playter’s $1.7 million raise that we covered back in March. The round is a mix of debt and equity.

Notably, Adit Ventures, one of the lead investors in Playter’s new round, is also a Klarna investor. Yet Klarna, facing rising defaults and other challenges, is seeking new financing at a dramatically lower valuation.

BNPL for SMBs a Different Animal

Playter, founded in 2018, plans to use the funds for the usual suspect. Growth acceleration. The company first wants to ramp up growth in its native UK. Then it plans to turn its sights on international markets.

The B2B BNPL space Playter occupies is growing rapidly as well. Though it has a ways to go before it even approaches the competitiveness of the consumer side. We’ve covered other B2B and vertical platforms ranging from Vartana to Resolve to BlueTape.

As Playter CEO Jamie Beaumont correctly notes, B2B SMB is a very different animal from the consumer product.

“BNPL for business is a completely different concept to B2C BNPL. Right now, there are very few B2B purchases happening online,” Beaumont said.

“We’ve created a platform that gives total control to businesses to dictate what payment terms they want to have, helping them pay over 6 to 12 months, whilst their suppliers are still paid within 24 hours. With this superpower, we help businesses that want to scale regardless of the market conditions.”

The idea of being current with suppliers while spreading out cash flow is a powerful draw for small businesses. Used responsibly, it’s a potential game-changer. Small businesses often struggle with access to affordable financing. And the biggest small business killer isn’t lack of demand as much as lack of cash flow.

Playter’s lead investor also sees BNPL playing a key role as credit conditions tighten across the globe.

“Adit sees in Playter a unique SME-focused BNPL platform that helps growing companies better manage their working capital,” said Jon Cholak, Managing Partner at Adit Ventures.

“Playter’s management team, technical platform, and customer-first focus all make for a compelling investment opportunity, and we see a growing need for their services across the ecosystem particularly as capital and credit conditions tighten because of broader macroeconomic trends.”