Wayflyer hits monthly profitability
The Irish fintech is winding down operations for the startup it acquired last May as it sees its revenues increase by more than 75 per cent year-to-date
A month after securing a $1bn debt funding line, Irish unicorn Wayflyer hit monthly profitability as it pushes to become fully profitable in 2024.
The specialist revenue-based eCommerce lender reduced its operating losses by 85 per cent in the last quarter compared to the previous year, with revenue increasing by more than 75 per cent year-to-date.
Wayflyer also said it is winding down Peblo, an influencer financing business startup it acquired last May, to focus on its core products and businesses.
“As a business, we’ve been laser-focused over the past 18 months on achieving profitability. It’s no secret that we’re in a difficult economic climate currently, but we’re seeing the demand for reliable funding solutions start to bounce-back, particularly in the U.S,” Wayflyer co-founder and CEO Aidan Corbett said.
“We not only help our customers access fair and flexible funding, but also arm them with the eCommerce expertise they need to realise their growth ambitions, no matter how challenging the wider market.”
Corbett added that reducing cash-burn and increasing revenue sustainably will be the aim for Wayfler, and other growth stage startups, next year.
Founded in 2019 by Corbett and former chief financial officer Jack Pierse (who left the company earlier this year), the company now deploys capital to more than 3,000 eCommerce merchants globally.
According to the company, more than 80 per cent of customers return for additional funding after completing their first funding deals with Wayflyer.