Irish unicorn Wayflyer expands to four new markets in Europe

15 Sep 2022

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

The expansion comes after Wayflyer secured $553m in debt financing deals with JP Morgan and Credit Suisse.

Dublin-based tech unicorn Wayflyer is expanding to support e-commerce businesses in four new European markets.

The revenue-based financing and growth platform has brought its services to Germany, Sweden, Belgium and Denmark. The Irish start-up aims to deploy more than $200m across these markets over the next 12 months, helping e-commerce firms scale up, improve their cashflow and drive sales.

The announcement follows two recent debt financing deals to help boost the growth of the company. In May, Wayflyer secured $300m in debt financing from JP Morgan, followed by $253m from Credit Suisse earlier this month.

Wayflyer said the financing would allow it to offer more competitive rates to e-commerce businesses across North America, Europe and Australia.

“Amidst more challenging markets globally this year, the need among e-commerce businesses for flexible funding solutions from a resilient partner has never been greater,” said Aidan Corbett, CEO and co-founder of Wayflyer.

“Our decision to continue expansion into these markets is only made possible by our world-class underwriting capabilities and focus on sustainable growth.”

Dublin-based Wayflyer has been expanding rapidly since it was founded in 2019 by Corbett and Jack Pierse. The company said it has has provided more than $1.3bn in funding to nearly 2,000 e-commerce businesses across 12 markets.

The company became one of Ireland’s unicorns earlier this year, after raising $150m in a Series B round that valued the start-up at $1.6bn.

It now plans to launch in more countries over the course of the next year.

“Germany, Sweden, Belgium and Denmark are all markets that have seen e-commerce sector booms over the past few years and we’re excited to be in a position to offer our current products and services to new customers there,” Corbett said.

“Alongside this, we’re continuing to develop new products and solutions for e-commerce businesses globally.”

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

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Leigh Mc Gowran is a journalist with Silicon Republic