Fintech Business, PLIM Finance, Brings Accessibility to the Medical Aesthetics Industry
PLIM Finance officially launched their Buy Now Pay Later service this January, holding an exclusive event at The Mandarin, Hyde Park on February 28th that showcased their solution to affordability in the industry.
The evening, consisting of talks from the PLIM CEO, Nada Ali Redha, and Chief Financial Officer, Anuj Saxena, left attendees feeling informed and eager to see more from this growing platform.
PLIM is an interest-free “Buy Now, Pay Later” credit service specifically for the medical aesthetics industry with the goal of making elective, aesthetic treatments more accessible and affordable. With an online platform, PLIM Marketplace, patients are able to browse through a list of clinics and their treatments and checkout via a payment plan with ease. Patients can choose between paying over a 4 or 6-month period depending on their preferences, with no limit on treatment costs.
Already with over 100 clinics onboarded, PLIM have prioritised the financial needs of both the clinics and their patients whilst providing successful payment solutions within this industry. With the Global Medical Aesthetics Market Analysis Report stating that 30% worth of revenue is lost due to insufficient finance, PLIM enters this growing market at the perfect time for both consumers and practitioners.
With initial projections to hit 50 clinics in month one, PLIM has exceeded expectations, doubling their anticipated figures and hitting over 100 clinics nationwide in February. With over 10k unique visitors to their website, and over 600 BNPL invitations sent, PLIM’s plan to bring affordability and accessibility to the medical aesthetics industry are well and truly underway.
“It’s amazing to see the plans and vision coming to life,” says Nada Ali Redha, CEO and Founder of PLIM, “everyone at PLIM is really excited for this project to take form, bringing these services to London and the rest of the UK.” Speaking at the event, Nada detailed what she hopes to achieve in launching this platform to the industry after seeing gaps in the market that has resulted in many clinics being limited in their financial progression and therefore at a disadvantage. “Accessibility is at the heart of everything that we’ve aimed to achieve”, she continues, “we wanted that to be prevalent in every part of the journey for both partner clinics and their patients.”
Nada further explains the necessity for the platform, stating “Research shows that there are clinics that lose 27% of patients from the consultation phase to the treatment stage”- a statistic that PLIM have regarded as key to their reasoning behind launching their BNPL service. With a free and simple sign-up process, it was crucial that the payment journey was easy to navigate from initial interest from the consumer to the payment being processed. The primary aim of this simplicity being the removal of any obstacles that may disrupt the buyers’ payment process, consequently avoiding the aforementioned lost revenue that many clinics have struggled with.
One London-based clinic, Sisterhood UK Aesthetics, hit the highest amount of transactions on the PLIM journey thus far, reaching a total of £10,000 in revenue in a single day. CEO, Rachel Grocott commented, “PLIM has been a fantastic opportunity for me to utilise a Buy Now, Pay Later option, enabling my customers to opt for more expensive plans’”. The CEO followed on from this saying “Since working with PLIM on the official platform that launched in January we’ve turned over £30,000 worth of revenue for our business. Our business has been taken to new levels with the ability of Buy Now Pay Later as an option for our clients.” Partner clinics have expressed their thanks to PLIM, explaining how this platform has allowed them to take their businesses to new heights by offering new opportunities for patients to access treatments that were previously beyond their budget.
With an exciting future for the business ahead, Nada concludes the talk by detailing PLIM’s plans for the year ahead, stating that payment plan options will be expanding later in the year. This expansion will involve offering 8 and 12-month selections for patients, further extending their trope of accessibility. Furthermore, the company has plans to expand services globally, initially to Switzerland, and to further benefit clinics, will be introducing finance for medical equipment that can easily cost upwards of £35,000.
Overall, this fintech start-up is already exceeding expectations, entering into an expanding industry and appealing to the problems and concerns within this field. Despite being in the early days of their business, it is clear that PLIM Finance is set to be a huge name within the medical aesthetics world, achieving their goal of affordable payment solutions and opening up opportunities for a new audience to access treatments.
