Image credit: Wayflyer
Dublin-based Wayflyer, a unicorn that provides revenue-based financing and growth platform for e-commerce businesses, announced on Thursday that it has secured $200M (approximately €199M) debt and $53M (approximately €52.7M) mezzanine financing from Credit Suisse.
The Irish company says it will use the additional debt facility to develop its platform further and quickly provide eCommerce businesses funding. It will utilise the amount to improve its liquidity and support its ambition to offer the most competitive rates to its customers, particularly in the US and Western Europe.
The announcement comes a couple of months after the company raised €288.28M in a debt financing round from J.P. Morgan. In February, WayFlyer also raised $150M (approximately €149M) in a Series B round of funding at a $1.6B (approximately €1.59B) valuation.
Aidan Corbett, co-founder and CEO of Wayflyer, says, “Now, more than ever, eCommerce businesses need access to fair, flexible, and affordable funding solutions from a trusted and resilient partner. At a practical level, this deal helps support our objective to offer the fairest terms and the best rates to our customers while advancing Wayflyer’s unwavering commitment to being a trusted partner, irrespective of the impact of wider economic conditions on the market.”
Targeting larger e-commerce businesses
A couple of months back, the Irish unicorn launched a new Scaler product to provide large e-commerce businesses (annual revenue of $20M or more) with affordable capital to give them certainty over future cash flow.
“Scaler is built for eCommerce businesses that need millions in funding regularly, but don’t want to endure painful application processes with traditional banks or provide significant security,” says the company.
The product provides eCommerce businesses with a larger capital pool, allowing them to use it whenever and however they want up to that limit.
Wayflyer: What you need to know
Founded in 2019 by Aidan Corbett and Jack Pierse, Wayflyer helps e-commerce businesses to grow by providing a range of financing and analytics solutions that improve cash flow, drive sales and optimise supply chains.
With its solutions, eligible businesses are given the flexibility to secure advertising space and inventory, paving the way for growth and profitability.
The company’s free analytics platform also analyses marketing performance daily and equips e-commerce businesses with recommendations designed to improve performance.
Last year, Wayflyer expanded into new markets, including Spain and the Netherlands, opened a dedicated office in Atlanta, and formed partnerships with Adobe, Sezzle, and eBay UK.
Currently, the company has customers across 11 countries and offices in Dublin, Atlanta, New York, London, and Sydney.
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