Irish unicorn tech company Wayflyer has significantly expanded its workforce this year while enjoying “significant growth” as other companies in the industry face severe cutbacks.
The company, which provides revenue-based financing and marketing analytics for online businesses, suffered a €22.3 million loss at its Irish unit in 2021 due to the cost of its rapid expansion. The result follows a €2.9 million loss in 2020 at the ambitious startup.
The number of employees at the Dublin company more than quintupled in the past year from 15 to 85, reducing staff costs by 1.7 million euros.
The Ireland-based entity’s revenue for 2021 was €1.3m and was generated by providing services to other group companies.
Operations represent a very small portion of Wayflyer’s global business and do not include the company’s international revenue, which accounts for approximately 95 percent of all sales.
“While we don’t publicly disclose or comment on our financial performance, Wayflyer experienced significant growth in 2022,” a spokesman said.
“Over the past year, Wayflyer has grown to become the largest revenue-based finance provider in Europe. Our focus in 2023 will be to solidify our position in these existing markets and continue to lead the growth of the broader category.”
Founded in September 2019 by CEOs Aidan Corbett and Jack Pierse, Wayflyer has enjoyed a meteoric rise over the past three years.
In February, the company became Ireland’s sixth tech unicorn – a company valued at at least $1 billion – after raising $150 million in funding and valuing the company at $1.6 billion by investors such as JP Morgan.
Earlier this year, Wayflyer announced that it expects to pay up to $2.5 billion to e-commerce companies this year, up from a previous estimate of $1 billion.
Wayflyer will release the company’s consolidated financial statements next year, which will reflect the group’s performance for 2021.
That year, Wayflyer secured over $550 million in debt from world-leading financial players such as JP Morgan and Credit Suisse, while expanding into several new European markets.
The company announced in September that it will invest $200 million from two major debt financing deals in a European expansion offering and enter the German, Swedish, Belgian and Danish markets.
The announcement comes after Wayflyer received a $253 million line of financing from Credit Suisse in August and $300 million in debt financing from JP Morgan following the bank’s equity investment.
The company said it will use the $200 million over the next year to help client companies scale, improve cash flow and increase online retail sales volume.
Wayflyer has operated in 12 markets since launching in late 2019 and has funded approximately 2,000 companies.
The company says it has raised $1.3 billion in funding in just three years and plans to double that amount in another year.
In June, Wayflyer launched a new product, Scaler, aimed at companies with at least $20 million in annual revenue.
https://www.independent.ie/business/irish/irish-tech-unicorn-wayflyer-expands-workforce-more-than-fivefold-42148595.html Irish tech unicorn Wayflyer is expanding its workforce by more than fivefold