Wayflyer, a revenue-based financing and growth platform for e-commerce businesses, secured and began deploying $300 million in debt financing from J.P. Morgan, with Neuberger Berman acting as a mezzanine provider.
The debt facility helps Wayflyer increase its origination firepower, and market share, as it continues to support a global market of more than 300,000 eCommerce businesses demanding fair, flexible and affordable funding. The funds also reduce Wayflyer’s cost of capital, enabling it to offer the most competitive rates in the market to eCommerce businesses across the U.S, Western Europe and Australia.
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 J.P. Morgan as a participant, saw Wayflyer’s valuation hit $1.6 billion after $150 million was raised. Both the debt financing line and Wayflyer’s Series B round enables the company to continue on its high-growth trajectory.
“With eCommerce revenues set to hit 5.4 trillion U.S. dollars in 2022, the need for competitively priced funding solutions is greater than ever. The $300 million 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 realize their growth potential,” Aidan Corbett, CEO and co-founder of Wayflyer, said.
“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,” Stuart Roberts, global head of trade and working capital at J.P. Morgan, said. “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.”