Wayflyer co-founder backs US fintech start-up Arc

17 Aug 2022

Image: © Nuchjaree/Stock.adobe.com

Jack Pierse, co-founder of Dublin-based unicorn Wayflyer, was one of the many backers of Arc’s $20m Series A round.

The co-founder of one of Ireland’s tech unicorns has invested in a US company developing tools for start-up financing.

Wayflyer’s Jack Pierse was one of several investors who joined Arc’s $20m Series A funding round. The round was led by Left Lane Capital, which is also an investor in Wayflyer.

Other investors included Clocktower Technology Ventures, Torch Capital, Atalaya, Bain Capital Ventures, Soma, Alumni Ventures, Dreamers VC, NFX, Y Combinator and the founders of Plaid, Column, Chargebee, Vouch and Jeeves.

Like Dublin-headquartered Wayflyer, which reached unicorn status earlier this year following a $150m Series B round that valued the company at $1.6bn, Arc is merging technology and finance together.

Wayflyer’s platform provides e-commerce merchants with financing and marketing analytics tools to help them access working capital, improve cash flow and drive sales. It was founded in 2019 by Pierse and Aidan Corbett.

Arc, meanwhile, is focused on providing software start-ups with financial products and tools. It was launched in January 2022 and graduated from the Y Combinator start-up accelerator programme in March.

“We are building the number one digital bank for software start-ups,” said co-founder and CEO Don Muir.

“We’re thrilled to join forces with this talented group of investors who bring relevant experience transforming fintech and SaaS start-ups into market-leading platforms,” he said.

He added that the capital from this funding round will enable the company to build and scale its products “to meet the digital banking needs of a new generation of software-driven businesses”.

The San Francisco-based start-up now supports more than 1,000 high-growth software start-ups, providing them with funding options and financial tools to scale faster. It offers a cash management account and financial analytics to drive growth.

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Blathnaid O’Dea was a Careers reporter at Silicon Republic until 2024.