Irish start-up Wayflyer has secured $253 million (€254m) in debt financing from Credit Suisse. The financing follows a $300 million debt financing deal with JP Morgan in May this year and a successful Series B funding round that valued the company at $1.6 billion.
The ecommerce growth platform said the backing from the two financiers served to highlight the robustness of its business model and its position as a trusted growth partner by ecommerce businesses.
The $200 million debt and $53 million mezzanine facility “increases Wayflyer’s origination capability as it continues to identify and support high-growth businesses wishing to improve liquidity and operational resilience”.
The company, which was founded in September 2019 by Aidan Corbett and Jack Pierse, said the additional debt facility would also allow it to improve liquidity and support its ambition to offer the most competitive rates to its US and western Europe customers. “Now, more than ever, ecommerce businesses need access to fair, flexible and affordable funding solutions from a trusted and resilient partner,” said Mr Corbett, the company’s chief executive.
Wayflyer provides ecommerce stores with affordable unsecured loans to allow them to fund advertising and inventory in advance of selling items. It also offers detailed analytics to help clients to improve their sales performance.
The company has grown quickly. Wayflyer lent $50 million in its first year in operation in 2020 and around $500 million last year, providing ecommerce stores with affordable, non-dilutive, unsecured capital of between $10,000 and $20 million.