Dublin-based unicorn company Wayflyer has raised $253 million in new debt to continue its expansion.
ayflyer, founded by CEO Aidan Corbett and company president Jack Pierce, lends money to other e-commerce companies that need cash for inventory and other things. It is repaid as a percentage of its borrowers’ earnings, with an additional fee charged for the advance.
The new financing comes from Credit Suisse. In May, it raised $300 million in debt financing from JP Morgan when it was valued at $1.6 billion.
The move comes after one of its main competitors, Canada-based Clearco, announced it was abandoning plans for 150 Irish jobs in Ireland and pulling out of markets outside the US and Canada.
Wayflyer is backed by a handful of high profile Irish investors and businesspeople including PCH founder Liam Casey and former AIB Chairman Lochlann Quinn.
Its analytics technology evaluates an applicant’s funding application based on access to the applicant’s own IT systems. The appeal for ecommerce businesses is that funding is provided within 48 hours rather than over a period of weeks. It focuses on sectors from fitness to fashion to food.
In Ireland, it has funded e-bike company Moby, eyewear company Ambr and BionicGym.
“Today, more than ever, e-commerce businesses need access to fair, flexible and affordable financing solutions from a trusted and resilient partner,” said Mr. Corbett. “On a practical level, this agreement helps support our goal of offering our customers the fairest terms and best fares, while advancing Wayflyer’s unwavering commitment to being a trusted partner, regardless of the impact of broader economic conditions on.” the market.”
https://www.independent.ie/business/technology/wayflyer-raises-252m-from-credit-suisse-in-new-debt-finance-round-41954731.html Wayflyer raises EUR 252 million from Credit Suisse in new debt financing round