Dublin-based unicorn Wayflyer has raised $253 million (€252 million) in new debt to continue expanding its business.
Founded by CEO Aidan Corbett and President Jack Pierce, ayflyer lends money to other e-commerce businesses that need cash for inventory and more. It will be repaid at a percentage of the borrower’s earnings and will be charged an additional fee for advance payments.
The new funding comes from Credit Suisse. In May, he raised his $300 million debt financing from JP Morgan, which was valued at $1.6 billion.
The move comes after one of its main competitors, Canada-based Clearco, announced it would abandon plans to employ 150 Irish people in Ireland and exit markets outside the US and Canada. I was.
Wayflyer is backed by a handful of prominent Irish investors and business figures, including PCH founder Liam Casey and former AIB Chairman Lochlann Quinn.
Its analytics technology evaluates an applicant’s funding request based on access to the applicant’s own IT systems. The attraction for the e-commerce company is that the funds will be available to him within 48 hours instead of weeks. We focus on different areas, from fitness and fashion to groceries.
In Ireland, we fund e-bike company Moby, glasses company Ambr and BionicGym.
“E-commerce businesses now need access to fair, flexible and affordable financing solutions from trusted and resilient partners,” said Corbett. “On a practical level, this transaction advances Wayflyer’s unwavering commitment to being a trusted partner, regardless of the impact of broader economic conditions on the market, while offering our customers the fairest terms and best rates. It helps support our goal of providing
