Dublin-based Wayflyer continues to expand at a rapid pace with plans to invest nearly €240 million in three target markets this year.
The company, which provides revenue-based financing and marketing analytics for online businesses, last year raised $76 million in funding and expanded its debt facilities by an additional $100 million.
Founded by Aidan Corbett and Jack Pierse in September 2019, Wayflyer said it intends to provide AUS$100 million (€63.4 million) of funding to businesses in Australia and double its workforce in the region. This is on top of a $100 million (€88 million) investment in both Spain and the Netherlands.
Wayflyer commenced operations in Australia a year ago and moved into the Spanish and Dutch markets in late 2021.
The company provides ecommerce stores with affordable, non-dilutive, unsecured capital of between $10,000 and $20 million to secure advertising and inventory ahead of selling items. It also offers detailed analytics to help clients improve their sales performance.
Wayflyer has more than 800 customers across 11 countries and employs more than 200 people between Dublin, London, New York, Atlanta and Sydney. The company was last year named the third fastest-growing fintech in Europe by Sifted.
Wayflyer was spun out of another company founded by Mr Corbett, Conjura, which provides analytics for larger online businesses. Mr Pierse, Wayflyer's other co-founder and its chief financial officer, is a former venture capitalist who also spent time working at PwC and Highway1, the San Francisco-based hardware accelerator established by PCH founder Liam Casey.