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Dublin-based Wayflyer, a unicorn that provides revenue-based financing and growth platform for e-commerce businesses, announced that it has secured $1B in funding from New York-based Neuberger Berman, an investment management firm.
Wayflyer has described the funding as an “off-balance sheet programme”, allowing the company to exclude certain assets and liabilities from its official balance sheet reporting.
This approach has likely helped Wayflyer maintain a lower debt-to-equity ratio, especially as it had previously secured substantial credit to support its loans to e-commerce startups.
Wayflyer co-founder & CEO, Aidan Corbett says, “As e-commerce businesses seek to navigate growth amid the current economic conditions, we’re seeing a growing demand for our reliable funding solutions, especially in the US market.”
“This $1B 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 e-commerce customers can continue to thrive in any economic conditions.”
Wayflyer, despite not being profitable at the moment, says it will use the money to sustain and further drive the company’s growth, with a focus on expanding its operations in the US.
Funding and insights for e-commerce businesses
Founded in 2019 by Aidan Corbett and Jack Pierse, Wayflyer helps e-commerce businesses grow by providing a range of financing and analytics solutions that improve cash flow, drive sales and optimise supply chains.
The company’s customers commonly secure loans in the range of $300K to $400K. These loans are primarily utilised to cover essential expenses in e-commerce operations, including inventory purchases, shipping costs, and other critical business needs.
The Irish firm uses a variety of data sources, including Shopify, WooCommerce, TrustPilot reviews, Google Analytics, and shipping service performance data, to inform its loan decisions and predict potential financing issues for e-commerce merchants.
This data-driven approach allows Wayflyer to make informed lending decisions and better support its clients in managing their finances.
Recently raised capital
Wayflyer has secured significant funding in 2022. In February, the company became Ireland’s sixth unicorn by raising $150M in a Series B round, at a post-money valuation of $1.6B. The money was used to expand in the US, across Europe, and into Asia, and to grow its workforce.
In May 2022, Wayflyer again announced a $300M debt line renewal from JP Morgan, with Neuberger Bermann acting as a mezzanine provider.
In September 2022, the fintech secured $200M in debt and $53M in mezzanine financing from Credit Suisse to develop its platform and provide funding to e-commerce businesses.
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