Wayflyer grows Australian business with new investments and partnerships
Wayflyer, an eCommerce revenue-based financing and marketing analytics platform, announced plans to expand its presence in Australia through new hires and investments in the country’s rapidly growing small to medium-sized eCommerce businesses and Direct-to-Consumer (DTC) brands. The company will significantly increase staffing at its current Sydney-based office to provide up to AU$100 million in funding over the next several years. Revenue-based financing is a new category of finance for Australia, with Wayflyer as the first company providing such funding to open an office and build a local team in the country. Having launched its Australian business in July 2020, Wayflyer already counts some of the biggest and best-known domestic eCommerce brands among its 40 current customers in the country, with over AU$9 million in funding dispersed to-date in amounts ranging from AU$5,000 to 1 million.
To meet its Australian-market growth and funding objectives, Wayflyer is partnering with two of the country’s best-known digital solutions providers: No Standing, an Australia-based global digital marketing agency; and Airwallex, an Australia-founded fintech unicorn that provides cross-border payment solutions to businesses. Through these collaborations, Wayflyer aims to increase brand awareness and expand access to revenue-based financing, which provides an alternative to traditional bank funding and is tailored to the needs of scaling eCommerce companies. Instead of interest fees, equity stakes or collateral requirements, Wayflyer charges customers a single fixed fee on funding offers that they pay back as a percentage of their sales.
Wayflyer and No Standing have formed a new platform, Accelerate+. Operational since January 2021, Accelerate+ pairs Wayflyer’s data-driven funding with No Standing’s digital expertise and knowledge of Australia’s eCommerce, fashion and tech sectors. Upon approval, Accelerate+ customers will receive fast funding up to AU$5 million to finance their digital growth strategy using No Standing’s services for digital marketing and brand strategy, as well as to purchase inventory. Eligible brands also receive complimentary access to Accelerate+ Analytics to optimize their marketing spend.
No Standing CEO Sohan Karunaratne said, “No Standing is proud to partner with Wayflyer to offer Australian eCommerce brands a new data-driven funding pathway through Accelerate+. Leveraging our expertise in digital marketing, together with other No Standing services, we’re empowered to help build and drive brands forward, allowing them to reach their business goals. We’re excited to be in a position to offer financial opportunities and innovative solutions to brands in need.”
Launched in February 2021, Wayflyer’s partnership with Airwallex allows the company to provide funding and marketing analytics services to Airwallex’s eCommerce customers. In addition, Wayflyer customers in Australia can now use Airwallex’s global payment and card services, enabling them to run their business more easily and expand internationally. Through these offerings, Wayflyer and Airwallex are leveraging their complementary expertise to provide a comprehensive solution to challenges faced by founders and growth-stage brands, including obtaining affordable financing and facilitating cross-border payments. Already, in the first few weeks of the partnership, over AU$1,800,000 in funding has been provided to Airwallex customers.
“It’s an exciting time for eCommerce in Australia, which has one of the most dynamic startup ecosystems in the world. By building an even stronger local presence, we aim to play a vital role in helping the country’s most promising small businesses reach their potential,” said Wayflyer CEO and Co-Founder Aidan Corbett. “No Standing and Airwallex are the perfect partners in this journey, given their incredible track records and global outlooks. Together, we are establishing new pathways for Aussie brands to reach scale and success.”