E-commerce growth platform Wayflyer has secured and deployed $300 million in debt financing from global financial services leader JP Morgan, with Neuberger Bermann acting as mezzanine provider.
The credit facility helps Wayflyer grow its punching power and market share, while continuing to support a global marketplace of more than 300,000 e-commerce businesses demanding fair, flexible and affordable financing. The funds also reduce Wayflyer’s cost of capital, enabling it to offer the most competitive pricing in the market to e-commerce businesses in the United States, Western Europe and Australia.
Closer to home, the Australian arm of Wayflyer has provided over $100 million in new funding and closed partnerships, helping over 200 businesses.
The news comes shortly after Wayflyer announced its Series B round in February 2022. The all-equity round, co-led by DST Global and QED Investors, with JP Morgan as a participant, saw Wayflyer’s valuation reach 1 $.6 billion after raising $150 million.
Wayflyer’s debt financing line and Series B round allow the company to continue its high growth trajectory, providing e-commerce businesses with not only the best financial terms, but also the expertise and advice that can help them reach their potential.
Aidan Corbett, CEO and Co-Founder of Wayflyer, said, “With e-commerce revenues expected to reach US$5.4 trillion in 20221, the need for competitively priced financing solutions is greater than ever. The $300 million debt financing we have secured and partially deployed with JP Morgan will help us seize this opportunity and allow us to offer the most competitive rates in the market to help ambitious e-commerce businesses more effectively. to realize their growth potential.
Stuart Roberts, Global Head of Commerce and Working Capital at JP Morgan, said: “We have been focused on ways to continuously support our e-commerce clients with their commerce and working capital needs; with Wayflyer, we are able to provide structured lending and help our e-commerce clients build benchmarks in this asset class.
“This will be one of many innovations in JP Morgan’s structured e-commerce lending as we seek to innovate the industry and extend capital to our clients as they face high growth rates and need reliable capital to meet this demand.”
Speaking about Wayflyer’s success in the Australian market, Brian Renvoize, Director of AU Growth at Wayflyer, said: “Australia’s e-commerce industry is getting better and better and significantly punching above its weight based on the size of our population, which seems to be driven by a great community of founders and a strong entrepreneurial spirit.
“Yet, from a funding perspective, many local businesses have been underserved or find themselves with few options when it comes to scaling their operations or expanding internationally. For the Wayflyer team, we are excited to help local entrepreneurs achieve their goals, having already provided over $100 million in funding to Australian businesses and more to come, thanks to funding from JP Morgan. »