Wayflyer

Last updated
Wayflyer
Company type Private company
Industry Banking
Commercial finance
Founded2019;5 years ago (2019)
Founders
  • Jack Pierse
  • Aidan Corbett
Headquarters Dublin, Ireland
Key people
  • Aidan Corbett (CEO)
Revenue€62.5m (2023)
Website wayflyer.com

Wayflyer is an Irish non-bank lender and inventory finance company which was founded in 2019 in Dublin, Ireland. It provides finance through invoice discounting and factoring with a focus on revenue-based financing. The company lends mainly to e-commerce and technology based companies which generate income from advertising and non-recurring revenue streams. [1] [2]

Contents

As of November 2024, it has offices in Dublin, London, New York and Sydney.

History

Wayflyer was established by Jack Pierse and Aidan Corbett in 2019 to provide alternative financing to technology companies. In May 2021, Wayflyer initially raised $76m in a Series A funding round lead by Left Lane Capital. [3] [4] In February 2022, it was announced that Wayflyer had raised $150m in a Series B funding round lead by DST Global. [5] At that point Wayflyer was said to have become one of Ireland's few Unicorns.

In May 2022 Wayflyer, agreed a $300m debt funding round with JP Morgan while later in September 2022, it agreed a $253m debt funding round from Credit Suisse. [6] [7] [8]

In September 2022, Wayflyer was said to have approximately 1,500 clients globally and had provided over €1 billion of loans since its inception. [9] In 2023, the company recorded a €62.5m of revenue up from €36.33m in 2022. [10] [11]

In 2024, Wayflyer expanded into financing of wholesalers for the first time and in November 2024 it was announced that it was Ireland's fastest growing tech company. [12] [13]

See also

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References

  1. ↑ "eCommerce Financing | About Us | Wayflyer". www.wayflyer.com. Retrieved 16 December 2022.
  2. ↑ "Wayflyer beefs up team as it targets further global growth". The Irish Times. Retrieved 16 December 2022.
  3. ↑ "VC Daily: VC Life: New Firm, New City". Wall Street Journal. 2 February 2022. Retrieved 16 December 2024.
  4. ↑ Azevedo, Mary Ann (27 May 2021). "Wayflyer raises $76M to provide 'revenue-based' financing to e-commerce merchants". TechCrunch. Retrieved 16 December 2022.
  5. ↑ Gain, Vish (1 February 2022). "Wayflyer flies way past $1bn valuation to become Ireland's latest unicorn". Silicon Republic. Retrieved 16 December 2022.
  6. ↑ "Wayflyer Raises $253m from Credit Suisse in Latest Funding Round". businessplus.ie. 1 September 2022. Retrieved 16 December 2022.
  7. ↑ Lunden, Ingrid (1 February 2022). "Wayflyer raises $150M on a $1.6B valuation for a new spin on providing loans to e-commerce merchants". TechCrunch. Retrieved 16 December 2022.
  8. ↑ Halpin, Padraic (12 May 2022). "Wayflyer to fund rapid growth with $300 mln J.P. Morgan debt line". Reuters. Retrieved 16 December 2022.
  9. ↑ "Wayflyer social media commercial whips up a storm". 8 September 2022. Retrieved 1 June 2023.
  10. ↑ "Irish tech 'unicorn' Wayflyer records €77.34m loss". www.rte.ie. 11 December 2023. Retrieved 29 November 2024.
  11. ↑ "Wayflyer losses increase more than threefold amid Irish tech firm's expansion". Irish Independent. 11 December 2023. Retrieved 29 November 2024.
  12. ↑ "Wayflyer eyes profitability as turnover soars and losses halve amid strategic expansion". www.businesspost.ie. Retrieved 25 November 2024.
  13. ↑ "Wayflyer named as fastest-growing technology company in Deloitte's annual ranking". The Irish Times. Retrieved 29 November 2024.
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