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The Irish revenue-based financing and growth platform for eCommerce merchants has raised $150m in a Series B round, co-led by DST Global and QED Investors, giving Wayflyer a post-money valuation of $1.6bn
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Investment will be used to continue Wayflyer’s global expansion, in the US, across Europe, and into Asia, as well as allowing the business to hire world-class talent and expand its product offering
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The raise follows an intense period of growth for the business in 2021, in which cash advances grew more than 900% year-on-year
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Returning investors include Left Lane and Guillaume Pousaz (Checkout.com founder), with new investors including Prosus, J.P. Morgan and Madrone Capital Partners
Wayflyer, the revenue-based financing and growth platform for eCommerce businesses, announces its Series B funding round of $150m. The raise brings Wayflyer’s post-money valuation to $1.6bn, making it only Ireland’s 6th unicorn.
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The all-equity round was co-led by DST Global and QED Investors. They were joined by 3 new investors; Prosus, Madrone Capital Partners and J.P. Morgan. Existing investors Left Lane Capital and Guillaume Pousaz (Checkout.com founder) also participated.
As eCommerce continues to rapidly expand globally, Wayflyer is uniquely positioned to help ambitious eCommerce businesses unlock their true potential, solving some of the critical challenges that have long stifled growth. Combining access to capital and insights that help eCommerce businesses deploy that capital effectively, Wayflyer acts as a trusted growth partner to thousands of merchants worldwide. To further its impact on global eCommerce, Wayflyer will use this funding round to provide billions of dollars to ambitious eCommerce merchants in the coming years.
Wayflyer’s Series B round comes off the back of a significant period of growth for the Dublin-headquartered business. In 2021 alone Wayflyer raised a Series A round of $76m, expanded into new markets including Spain and the Netherlands, opened a dedicated office in Atlanta and formed partnerships with the likes of Adobe, Sezzle and eBay UK. Wayflyer’s staff count increased by 525% in 2021, from 40 up to 250, and its annual capital deployments grew over 900% year-on-year.
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The eCommerce sector shows no sign of slowing in 2022, with sales predicted to reach $5.4tn by the end of the year1. Against this backdrop, funds from Wayflyer’s Series B round will be used to continue building its presence in current territories, expand into new territories across Europe and into Asia, further expand its product range, and hire the best talent globally.
Aidan Corbett, Wayflyer CEO said: “Since launching in April 2020, Wayflyer has been relentlessly focused on helping our customers drive growth and removing the barriers that limit their potential. The founders we work with have incredible ideas and passion for making things happen; they’re constantly striving to break new ground and go further in business — and we’re proud to support them and help them reach new heights. Our Series B round will help us build our offering to customers, expand into exciting new territories, and hire more world-class talent. We’ve only just scratched the surface of what’s possible here, and with an incredible team all working together to solve the biggest challenges in eCommerce, I couldn’t be more excited for what’s ahead.”
Tom Stafford, Co-founder and Managing Partner at DST Global said: “Aidan, Jack and the Wayflyer team remain focused on helping eCommerce companies grow and maximise their potential. We are impressed by their commitment to building the best products for their customers and proactively helping their customers grow via analytics, practical insights and attractively priced funding. We are pleased to continue supporting the team, as Wayflyer expands globally to provide innovative financing and growth solutions for eCommerce businesses around the world.”
Sandeep Bakshi, Head of Investments for Europe at Prosus Ventures added: “The pandemic has accelerated eCommerce adoption globally and Wayflyer is transforming financial services for eCommerce businesses wanting to scale quickly, helping them to gain access to capital, inventory and insights at attractive terms. Aidan, Jack and their team have a deep understanding of what will drive value for their customers, and the financial and business innovation that Wayflyer provides will help to fuel eCommerce ecosystems globally.”
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