As e-commerce businesses seek to navigate growth amid the current economic conditions, there is a growing demand for reliable funding solutions, especially in the US market. This is where, Wayflyer, an Irish revenue-based financing and growth platform for e-commerce businesses comes into the picture.
Now, Wayflyer has agreed to an off-balance sheet programme. As per the same, it will purchase up to $1 billion of assets from funds managed by investment management firm Neuberger Berman.
Provides funds to e-commerce businesses
With this facility, Wayflyer can continue to offer capital on the most competitive terms to its customers, while growing its offering to meet the huge demand from US ecommerce businesses.
The news about this facility follows Wayflyer’s recent announcement of a renewed $300 million debt line from J.P Morgan in June 2023. It was secured to fuel its growth by providing access to fair, flexible and fast funding for its e-commerce customers.
With the debt line, off-balance sheet purchase, and $150 million Series B round, attest to the company’s robust financial position. This is allowing Wayflyer to continue to grow and serve an increasing number of customers ahead of its goal of reaching profitability.
Zhengyuan Lu, Managing Director at Neuberger Berman commented: “The global eCommerce sector is expected to continue growing rapidly in the coming years. We’re always looking for innovative partners that provide genuine value in the space and have been thoroughly impressed by Wayflyer’s model and experienced team. We’re thrilled to partner with Wayflyer on its mission to be the growth partner of choice to ambitious e-commerce businesses.”
Aidan Corbett, co-founder and CEO at Wayflyer said: “Our customers come back to us again and again as a trusted partner that not only provides access to funding but also the eCommerce expertise needed to fuel their growth ambitions. This $1bn off-balance sheet purchase of assets from Neuberger Berman demonstrates the power, success, and resilience of our proposition and will provide the capital firepower for us to ensure our eCommerce customers can continue to thrive in any economic conditions.”
Addresses challenges for e-commerce businesses
Founded in 2019 in Dublin by Aidan Corbett and Jack Pierse, the Irish unicorn intends to solve the biggest challenges faced by growing e-commerce businesses.
Wayflyer helps them solve critical working capital problems that can constrain growth. By improving cash flow its customers are able to seize new opportunities such as acquiring additional stock, hiring talent or simply improving the profitability and resilience of their business.
Wayflyer’s unique free analytics platform also analyses marketing performance on a daily basis, equipping e-commerce businesses with world-class analytics and tangible, granular recommendations designed to improve performance.
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