Irish unicorn Wayflyer secures $253m in debt financing for further growth

1 Sep 2022

Wayflyer founders Jack Pierse and Aidan Corbett. Image: Wayflyer

The deal comes just months after the Dublin-based company secured a $300m debt line from JP Morgan.

Wayflyer, the revenue-based financing and growth platform for e-commerce companies, has secured $253m in fresh financing from Credit Suisse.

This includes a $200m debt financing facility plus $53m in mezzanine financing, which is a hybrid of debt and equity.

The Dublin-based company said it will use the financing to help it quickly provide funding to more e-commerce businesses looking to grow.

It will also help the company improve its own liquidity and offer competitive rates to customers in Europe and the US.

Wayflyer was founded in 2019 by Aidan Corbett and Jack Pierse.

It provides e-commerce merchants with a range of financing and marketing analytics tools to help them access working capital, improve cash flow and drive sales.

The company became one of Ireland’s tech unicorns earlier this year, after it raised $150m in Series B funding and saw its valuation rise to $1.6bn.

It has been expanding since then, growing its team and making a series of senior hires. It also signed a major sponsorship deal this year with Irish golfer Shane Lowry and snapped up creator funding provider Peblo in its first big acquisition.

The fresh financing from Credit Suisse comes just months after Wayflyer secured a $300m debt line from JP Morgan.

“Now, more than ever, e-commerce businesses need access to fair, flexible and affordable funding solutions from a trusted and resilient partner,” said Corbett.

“At a practical level, this deal helps support our objective to offer the fairest terms and the best rates to our customers while advancing Wayflyer’s unwavering commitment to being a trusted partner, irrespective of the impact of wider economic conditions on the market.”

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Sarah Harford was sub-editor of Silicon Republic