Wayflyer launches in 2 new markets
Wayflyer announces a new launch today. The Irish ecommerce financier is expanding to Spain and the Netherlands. This is the next step in the company’s growth across Europe, Australia and the US.
After a funding round where Wayflyer raised 62 million euros, the company is now expanding further across Europe. The financer expects to be funding more than 100 million euros in both its two new markets, Spain and the Netherlands.
New financiers in ecommerce
Income based financing is gaining in popularity in Europe. This is a special outcome for ecommerce companies. Instead of having to wait long to receive funding from a bank, companies receive funds quickly. Recently, short-term loan suppliers Booste and Clearco expanded across Europe as well. Amazon also works together with multiple financiers for its sellers.
‘Ecommerce sales in Europe expected to grow’
Globally, Wayflyer will be funding billions of euros. “Ecommerce sales in Europe are expected to grow with 256 billion euros between 2020 and 2025. Expanding into high-growth markets – including the Netherlands and Spain – is therefore an important next step in our growth strategy”, says Aidan Corbett, CEO and co-founder of Wayflyer.
‘Expanding into high-growth markets is an important next step in our growth strategy.’
Wayflyer is a growth platform for ecommerce companies. It provides a range of financing and marketing analytics solutions that help business access working capital, improve cash flow and drive sales.
The platform doesn’t ask for collateral, guarantees or shares of its customers. Companies need to have achieved at least 20.000 euros in turnover per month in the past 3 months and keep stock themselves.
Not enough cashflow
Companies that want to place a financing request with Wayflyer link their shopping platform, marketing platform, Google Analytics and bank account with the app. Wayflyer will then contact the company within 24 hours and the money can be transferred to the bank account 24 hours later. “A customer recently said that it’s as easy as booking a plane ticket”, says Matthijs Onland, Country Manager within the Netherlands for Wayflyer.
‘We give companies the opportunity to buy extra stock in time.’
The growth platform mostly receives applications for inventory financing and financing for online marketing. “With Black Friday and the holidays around the corner, many entrepreneurs know that they can make extra sales. They need the stock for that. Cashflow from the quieter summer months is not always sufficient to buy this extra stock. Due to logistical challenges, buying stock should be done extra early. We give companies the opportunity to buy extra stock in time so that they can sell optimally during the busy season.”
Fast growing fintech
The Irish growth platform was founded in Dublin in 2019. It currently also has offices in New York, London, Sydney and Atlanta. The company calls itself a fast growing fintech. In a press release, Wayflyer reveals that between Q1 2021 and Q2 2021, the startup increased its total signed deals from 45.3 million euros to 150.8 million euros. They succeeded in doing so through the investment round and partnerships with eBay, Magento and Sezzle.