Wayflyer, a revenue-based financing and growth platform for eCommerce businesses, has secured and begun deploying USD$300 million in debt financing from global financial services leader, J.P. Morgan.
Aidan Corbett, Wayflyer CEO and Co-Founder, commented, “With eCommerce revenues set to hit 5.4 trillion US dollars in 2022, 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.”
In Australia alone, Wayflyer says that over 200 local eCommerce businesses have borrowed a combined AUD$100 million plus in new financing.
“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,” said Stuart Roberts, Global Head of Trade and Working Capital at J.P. Morgan when speaking about the investment deal.”
“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.”
The news comes shortly after Wayflyer announced their Series B funding round in February 2022, through which they hit unicorn status by raising $150 million and bringing their total valuation to $1.6 billion.
Wayflyer’s Director of Growth in Australia, Brian Renvoize said, “The Australian eCommerce sector is going from strength to strength and significantly punches above its weight based on our population size, which is something that seems to be driven by an excellent founder-community and a strong entrepreneurial spirit. Yet from a financing perspective, many local businesses have been underserved or are left with few options when it comes time to scale operations or grow internationally.”
“For the team at Wayflyer, we are excited to be helping local entrepreneurs achieve their goals, having already provided over $100 million in funding to Aussie businesses and more to come, thanks to the financing from JP Morgan.”