eCommerce growth platform Wayflyer raises $76m in Series A
Wayflyer, the revenue-based financing and growth platform to eCommerce merchants, announces a $76m Series A fundraise led by Left Lane Capital, with support from partners of DST Global, QED Investors, Speedinvest and Zinal Growth, the family office of Guillaume Pousaz (founder of Checkout.com). The equity raise comes just 14 months after Wayflyer launched its first product, confirming its status as one of Europe’s fastest growing FinTech startups.
Led by co-founders Aidan Corbett and Jack Pierse, Wayflyer helps eCommerce merchants unlock growth, providing a range of financing and marketing analytics solutions that help them access working capital, improve cash flow and drive sales. By delivering both access to capital and business critical insights, Wayflyer supports its customers by addressing many of the structural challenges eCommerce merchants face as they scale.
Wayflyer’s deep knowledge of the eCommerce sector, coupled with its sophisticated use of big data, has seen the business grow 290% over the past 6 months deploying over $150m of funding across its three core markets; the US, UK and Australia. This impressive growth has been achieved whilst maintaining a negligible default rate.
With eCommerce sales expected to hit $4.2 trillion in 2021, funds from the round will be used to support Wayflyer’s product development and international expansion. The business is set to enter multiple new markets in the coming months.
To cope with demand for its cash advance product, Wayflyer has also expanded its debt facilities by an additional $100m and recently signed a major partnership with Adobe Commerce in a move that will further increase its capital deployment capabilities.
Commenting on the funding, Aidan Corbett, Wayflyer CEO said, “We exist to help eCommerce businesses grow, and reduce the traditional barriers they face as they scale. Our rapid growth since launch demonstrates the strength of this proposition and our relentless focus on customer service, and we’ve only just scratched the surface of this enormous market. The number of direct-to-consumer brands launching every day continues to amaze us and we’re excited about the next stage of our mission to become the go-to-growth platform for merchants looking to realize their potential.”