eCommerce growth platform Wayflyer renews existing $300mn debt line led by J.P. Morgan
Wayflyer, the revenue-based financing and growth platform for eCommerce businesses, has today announced a renewed funding line from global financial services leader J.P. Morgan. Since being founded in 2019, the fintech has deployed over $2bn to over 3,000 eCommerce businesses globally – 60% of which was deployed in the last 12 months alone.
This facility renewal comes a year after Wayflyer secured a $300mn funding line led by J.P. Morgan to support a growing eCommerce market with access to fair, flexible and fast funding.
At the same time, the business has continued to keep losses to a minimum, facilitated by its robust underwriting model. Wayflyer currently operates in 12 markets and has seen 100%+ year-on-year growth on the amount funded between Q4 2021 and Q4 2022.
This renewed debt facility will allow Wayflyer to meet continued demand for its full suite of services, whilst maintaining its low cost of capital. This will allow the business to offer competitive rates, to ensure strong eCommerce businesses of all sizes have access to the funding and products needed to thrive.
Aidan Corbett, Wayflyer co-founder and CEO, commented: “Now more than ever, ambitious eCommerce businesses need the support of trusted partners to fulfill their growth potential. Despite the global macroeconomic headwinds of the last 12 months, there is still a huge market opportunity for online merchants, with revenues for US online retail hitting $1tn for the first time in 2022[1]. This renewed vote of confidence from one of the world’s largest and foremost financial institutions will allow us to help even more eCommerce businesses seize this opportunity, and gives us a huge boost in a market where other providers are losing their access to credit.”
Commenting, James Fraser, J.P. Morgan Payments, said: “Our Trade & Working Capital Group remain committed to providing an eCommerce finance solution for our clients, to support the working capital needs of their online merchants. Particularly in today’s environment, with the liquidity gap for SMEs estimated to have grown to over $2tn, continuity of funding from trusted and reliable providers is key. We look forward to helping serve our clients with our continued support for Wayflyer.”
Wayflyer specialises in providing funding to eCommerce businesses, helping them solve critical working capital problems that can constrain growth. By improving cash flow, its customers are able to seize new opportunities such as acquiring additional stock, hiring talent or simply improving the profitability and resilience of their business.
[1] https://www.comscore.com/Insights/Presentations-and-Whitepapers/2023/State-of-Digital-Commerce
