Wayflyer, an Irish eCommerce growth platform, has secured debt financing of $300m from financial services major J.P. Morgan, with investment management firm Neuberger Bermann acting as a mezzanine provider.
Based in Dublin, Wayflyer serves eCommerce businesses with its revenue-based financing and growth platform. It offers eCommerce start-ups the working capital required to grow along with data-driven knowledge and insight to spend their capital in an optimal manner.
J.P. Morgan trade and working capital global head Stuart Roberts said: “We’ve focused on ways to continually support our eCommerce clients in their trade and working capital needs; with Wayflyer, we’re able to provide structured lending and help our eCommerce clients build credentials within this asset class.
“This will be one of many innovations within eCommerce structured lending from J.P. Morgan as we look to innovate within the industry and extend capital to our clients as they face high growth rates and require reliable capital to meet that demand.”
Wayflyer said that the debt facility will help in boosting its origination power as well as market share.
Currently, the platform is said to support a global market of more than 300,000 e-commerce businesses.
The funds from the debt financing will also cut down Wayflyer’s cost of capital. This will help it provide competitive rates to e-commerce businesses in the US, Australia, and Western Europe.
Wayflyer CEO and co-founder Aidan Corbett said: “With eCommerce revenues set to hit 5.4 trillion US dollars in 20221, the need for competitively priced funding solutions is greater than ever.
“The $300m debt financing we’ve secured and partly deployed from J.P. Morgan will help us seize this opportunity, and enable us to offer the most competitive rates in the market to more effectively help ambitious eCommerce businesses realise their growth potential.”
Earlier this year, the Irish eCommerce growth platform raised $150m in a Series B funding round that took its valuation to $1.6bn. The all-equity round was jointly led by DST Global and QED Investors, and had seen the participation of J.P. Morgan as well.