Jack Pierse and Aidan Corbett/Wayflyer
Wayflyer tops-up funding with $1bn from asset manager Neuberger Berman
Following on from the eCommerce lender’s $300m credit line from JP Morgan in June
Irish unicorn Wayflyer is positioning itself for growth with news today that it has secured a $1bn debt funding line from asset manager Neuberger Berman.
The funding will be used to deploy capital to the over 3,000 merchants who use Wayflyer to satisfy their cash flow requirements.
Wayflyer is a specialist revenue-based eCommerce lender that offers working capital based on sales data from its borrowers.
The debt funding is being structured as an off-balance sheet purchase, with the loan assets sitting with Neuberger Berman.
“As eCommerce businesses seek to navigate growth amid the current economic conditions, we’re seeing a growing demand for our reliable funding solutions, especially in the US market,” Aidan Corbett, CEO and co-founder of Wayflyer.
“This $1bn off-balance sheet purchase of assets from Neuberger Berman demonstrates the power, success and resilience of our proposition and will provide the capital firepower for us to ensure our eCommerce customers can continue to thrive in any economic conditions.”
In June JP Morgan showed its faith in Wayflyer with a $300m debt funding line, at the time Corbett told the media the lender expected to surpass its $1bn forecast in 2023 with lending of between $2bn and $2.5bn.
Last February Wayflyer raised a $150m equity funding round at a valuation of $1.6bn, led by existing investors DST Global and QED Investors.