Wayflyer renews JP Morgan deal and hits $2bn loan milestone

14 Jun 2023

Wayflyer co-founders Jack Pierse and Aidan Corbett. Image: Naoise Culhane Photography

After cutting 200 staff last year, Wayflyer has renewed a debt financing deal to meet demand and maintain a low cost of capital.

Irish start-up Wayflyer has renewed its $300m debt line led by JP Morgan, to continue supporting e-commerce companies globally.

The funding comes as the fintech’s financing platform hit a new milestone, with more than $2bn deployed to online retailers since Wayflyer was founded in 2019.

The company said this funding has supported more than 3,000 e-commerce businesses worldwide, with 60pc being deployed in the last 12 months. Wayflyer currently operates in 12 markets and claims to have seen more than 100pc year-on-year growth on the amount funded between the end of 2021 to the end of 2022.

The Irish start-up secured $300m in debt financing from JP Morgan last year to increase its market share and reduce its cost of capital. Now, Wayflyer said the fresh funding will allow it to maintain a low cost of capital and meet demand for its suite of services.

Wayflyer has experienced strong growth since it was founded in 2019 by Aiden Corbett and Jack Pierse. The company became one of Ireland’s tech unicorns last year, when it raised $150m in Series B funding with a $1.6bn valuation.

Later in the year, Wayflyer announced a push into the influencer market with the purchase of creator funding provider Peblo.

However, the company laid off around 200 of its staff worldwide towards the end of 2022, due to macroeconomic issues and trying to do “too much, too soon”.

CEO Corbett said that there is still a “huge market opportunity” for online merchants, despite the “macroeconomic headwinds of the last 12 months”.

“This renewed vote of confidence from one of the world’s largest and foremost financial institutions will allow us to help even more e-commerce businesses seize this opportunity, and gives us a huge boost in a market where other providers are losing their access to credit,” Corbett said.

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Leigh Mc Gowran is a journalist with Silicon Republic