The Dublin-based unicorn agency Wayflyer has raised $253m (€252m) in new debt financing because it seeks to proceed its enlargement.
ayflyer, based by CEO Aidan Corbett and firm president Jack Pierce, lends cash to different eCommerce companies that want money for stock and different issues. It will get repaid in percentages of its loanees’ income, with an additional payment charged for the advance.
Its new funding comes from Credit score Suisse. In Could, it raised $300m in debt financing from JP Morgan, when it was valued at $1.6bn.
The transfer comes after one in every of its important rivals, Canada-based Clearco, introduced that it’s abandoning its plans for 150 Irish jobs in Eire and withdrawing from markets exterior the US and Canada.
Wayflyer is backed by a handful of excessive profile Irish traders and enterprise figures, together with PCH founder Liam Casey and previous AIB chairman Lochlann Quinn.
Its analytics know-how assesses an applicant’s funding request primarily based on entry to the applicant’s personal IT methods. Its enchantment to eCommerce companies is that the funding is made accessible inside 48 hours, somewhat than over a interval of weeks. It focuses on sectors from health and trend to groceries.
In Eire, it has supplied funding to the electrical bike agency Moby, the eyeglasses agency Ambr and BionicGym.
“Now, greater than ever, eCommerce companies want entry to truthful, versatile and reasonably priced funding options from a trusted and resilient companion,” stated Mr Corbett. “At a sensible stage, this deal helps assist our goal to supply the fairest phrases and one of the best charges to our prospects whereas advancing Wayflyer’s unwavering dedication to being a trusted companion, regardless of the affect of wider financial circumstances available on the market.”