Payl8r grows as rival Klarna cuts 10% of staff

Online millennial finance firm, Payl8r, has seen an 334% increase in lending over the last 12 months as Klarna cuts its workforce by 10%.

Payl8r, the UK’s original buy now pay later business, is growing its team and is preparing to make 24 new hires across all departments in the next six months to meet increased demand at a time when one of its main competitors, Klarna, is letting go of 10% of its 7,000 strong workforce.

In particular, Payl8r is looking to strengthen its digital development department with seven new hires to reach its 2022 growth target.

Samantha Fogerty, Managing Director at Payl8r said: “While Klarna has seen a shift in consumer sentiment, what we are seeing is a fast-growing customer base and we need to build our teams to meet demand. We’re particularly seeking out full stack digital developers, both front and back end, as well as app design, to help drive forward our upcoming projects.’

“We recognise the cost of living crisis will affect how customers spend, but we are already seeing many millennials using buy now, pay later to get what they need, when they need it, by spreading their payments and managing their money safely.

“As one of the longest running BNPLs in the UK, we’ve always understood the benefits of being regulated and so have been leading the way for a long time.  We lend responsibly and help our customers manage their money, building their credit profile as they go. It’s a more ethical and responsible model.  We also use Open Banking to assess a customer’s affordability so there is less chance of missing or late payments.”

To keep pace with its growth, Payl8r has hired an inhouse Talent Acquisition Partner and is extending its office space in Greater Manchester.