Wayflyer, the revenue-based financing and growth platform for eCommerce businesses, secured and began deploying $300 million in debt financing from global financial services leader J.P. Morgan, with Neuberger Bermann acting as a mezzanine provider.
How will Wayflyer leverage the debt facility?
The debt facility helps Wayflyer increase its origination firepower, and market share, as it supports a market of over 300,000 eCommerce businesses demanding affordable funding. The funds also reduce Wayflyer’s cost of capital, enabling it to offer the most competitive rates in the market to eCommerce businesses across the U.S, Western Europe and Australia.
Wayflyer recently announced its Series B round in February 2022. The round, co-led by DST Global and QED Investors, with J.P. Morgan as a participant, saw Wayflyer’s valuation hit $1.6bn after $150m was raised. Both the debt financing line and Wayflyer’s Series B round enables the firm to continue on its high-growth trajectory, offering eCommerce businesses not only the best financial terms, but also the advice that can help them reach their potential.
What are the executives’ thoughts on the financing?
Aidan Corbett, Wayflyer CEO and Co-Founder said: “With eCommerce revenues set to hit $5.4 trillion in 2022, the need for competitively priced funding solutions is greater than ever.”
“The $300m debt financing we’ve secured and partly deployed from J.P. Morgan will help us seize this opportunity, and enable us to offer the most competitive rates in the market to more effectively help ambitious eCommerce businesses realise their growth potential.”
“We’ve focused on ways to support our clients in their trade needs; with Wayflyer, we’re able to provide structured lending and help our eCommerce clients build credentials within this asset class,” said Stuart Roberts, Global Head of Trade and Working Capital, J.P. Morgan.
“This will be one of many innovations within eCommerce structured lending from J.P. Morgan as we look to innovate within the industry and extend capital to our clients as they face high growth rates and require reliable capital to meet that demand,” Stuart concluded.
To find out more about Wayflyer, visit www.wayflyer.com.