How Playter reduced underwriting from 10 hours to 10 mins

About Playter

Playter is a B2B Buy now, Pay later (BNPL) solution that allows SMBs to take control of their payment terms and spread the cost of their professional service invoices over 6-12 months. Playter advances funds to their customers' suppliers and their customers make monthly repayments in return. This funding is non-dilutive and unsecured. Instead, it's paid for with a simple subscription fee, removing the need for interest rates.

The problem

Playter needed a way to instantly assess creditworthiness

Playter’s vision was to help start-ups and SMBs access the funds they need to grow by offering the on-demand convenience of BNPL.

To succeed, Playter needed a way to instantly and accurately assess customer creditworthiness. Playter recognized that underwriting an individual transaction at the point of purchase would be inherently risky. Without crucial context, sole transactions may appear acceptable, but when considered alongside other payment obligations, they could paint a very different picture.

Playter wanted to underwrite applicants based on a more holistic view of the SMB’s financials.

The solution

Playter’s applicants share their real-time data via a single link

“Customers can connect their accounts in minutes, allowing our risk team to review structured data transactions instantly. The shortened application and underwriting process is huge,” explains Jamie Beaumont, Founder of Playter.

Codat’s easy data sharing model helps to provide a holistic view of credit factors to facilitate screening decisions in seconds and underwriting decisions in hours.

More accurate risk analysis

Using Codat’s API, Playter pulls an applicant's real-time accounting and banking data directly into Wiserfunding's credit decisioning platform. This paints a more up-to-date and reliable picture of the applicant’s financial health. The combination of management, filed accounts, and Open Banking data enables Playter to mitigate risk and gain exceptionally precise financial insights.

A more holistic view

Playter takes a different approach to traditional BNPL models by assessing SMB creditworthiness holistically. But, achieving this quality of screening through traditional avenues risked slowing down the underwriting process.

Hiring in-house analysts would have been costly, time-consuming, and difficult to scale. Codat and Wiserfunding offered Playter a simpler and more affordable solution.

Ability to scale quickly

Playter required a solution that could keep up with their growth. The integration between Codat and Wiserfunding helps Playter automate the entire risk process so they can serve more applicants faster.

“We’ve been able to scale at speed knowing that we have up-to-date and accurate data, thanks to both Codat and Wiserfunding.”

The outcome

Speedy and accurate risk decisions

“Access to accurate and up-to-date data in seconds can be the difference between a business receiving the funds they need to thrive or stagnating and risking their future.

As a fintech, it’s important we use processes that scale without needing to rely on manual underwriting. With Codat, we can make quick decisions for our amazing customers.”

Key results

  • With the help of Codat and Wiserfunding, Playter reduced underwriting time from 10 hours to 10 mins
  • Using both management and filed account data gave Playter unique and valuable credit insights in over 50% of the businesses reviewed
  • When compared to filed accounts, assessments using management accounts are 99% accurate

How it works

Best-in-class coverage across multiple data sources

Playter’s customers connect platforms like Xero, QuickBooks, and Sage in minutes using Codat’s pre-built, conversion-optimized authorization journey.

Contributed data

Codats’ connection to Wiserfunding provides real-time data, allowing risk metrics such as SME Z-Score, Probability of Default, Loss Given Default, Bond Rating Equivalent, and Financial Ratios to be generated in seconds.

Trusted solution at scale with premium support

Playter can scale their product with expert support from Codat.

Learn more about how we support lenders