Wayflyer, the revenue-based financing and growth platform for eCommerce businesses, has announced that it has agreed to an off-balance sheet program that will purchase up to $1bn of assets from funds managed by investment management firm Neuberger Berman.
The facility means that Wayflyer is able “to continue to offer capital on the most competitive terms to its customers, while growing its offering to meet the huge demand from US eCommerce businesses.”
This news comes shortly after Wayflyer “announced a renewed $300mn debt line from J.P Morgan in June 2023.” The debt line was secured to fuel its growth by “providing access to fair, flexible and fast funding for its eCommerce customers.”
Both the debt line and off-balance sheet purchase, “as well as Wayflyer’s Series B round, attest to the company’s robust financial position.” This is allowing Wayflyer “to continue to grow and serve an increasing number of customers ahead of its goal of reaching profitability.”
Wayflyer has experienced significant growth, “recording a 100% increase in capital deployed between 2021 and 2022, proving it can withstand difficult trading conditions.”
Over 80% of Wayflyer’s customers return “for additional financing after completing their initial funding deals, demonstrating that eCommerce businesses view Wayflyer as their preferred partner for realising their growth potential.”
Zhengyuan Lu, Managing Director at Neuberger Berman commented:
“The global eCommerce sector is expected to continue growing rapidly in the coming years. We’re always looking for innovative partners that provide genuine value in the space and have been thoroughly impressed by Wayflyer’s model and experienced team. We’re thrilled to partner with Wayflyer on its mission to be the growth partner of choice to ambitious ecommerce businesses.”
Aidan Corbett, co-founder and CEO at Wayflyer said:
“As eCommerce businesses seek to navigate growth amid the current economic conditions, we’re seeing a growing demand for our reliable funding solutions, especially in the US market. Our customers come back to us again and again as a trusted partner that not only provides access to funding, but also the eCommerce expertise needed to fuel their growth ambitions. This $1bn off-balance sheet purchase of assets from Neuberger Berman demonstrates the power, success and resilience of our proposition and will provide the capital firepower for us to ensure our eCommerce customers can continue to thrive in any economic conditions.”
Wayflyer specializes in providing funding “to eCommerce businesses, helping them solve critical working capital problems that can constrain growth.”
By improving cash flow its customers are able “to seize new opportunities such as acquiring additional stock, hiring talent or simply improving the profitability and resilience of their business.”