eCommerce growth platform Wayflyer achieves monthly profitability as cash burn drops and revenue rises
Wayflyer, the revenue-based financing and growth platform for eCommerce businesses, today announces that it has reached monthly profitability in October. The news follows a push from Wayflyer to become fully profitable in 2024, a goal it is on track to achieve.
As macroeconomic conditions hardened globally, in recent months Wayflyer has managed to reduce its operating losses by 85% in the last quarter vs the same quarter in 2022, seeing revenue increase by over 75% year-to-date. A large part of that growth comes from the U.S market where Wayflyer is working to meet the huge demand from U.S-based eCommerce businesses that have experienced less economic impact than in Europe.
This news follows Wayflyer’s recent off-balance sheet programme of $1bn with Neuberger Berman in September and its renewed $300mn debt line from J.P. Morgan in June. These deals have allowed Wayflyer to fuel its growth by providing access to fair, flexible and fast funding for its eCommerce customers.
Over 80% of Wayflyer’s customers return for additional financing after completing their initial funding deals, demonstrating that eCommerce businesses view Wayflyer as their preferred partner for realising their growth potential.
Aidan Corbett, co-founder and CEO at Wayflyer said: “As a business, we’ve been laser focussed 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. 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. Reducing cash-burn and increasing revenue sustainably is the task ahead for all growth stage startups like Wayflyer in 2024.”
As part of its push towards profitability the Wayflyer management team have made the difficult decision to shut down operations of Peblo, the influencer financing business it acquired in May 2022. The decision was in no way reflective of the quality of the business or individuals within Peblo, rather a renewed focus from Wayflyer on its core business.
Wayflyer specialises in providing funding to eCommerce businesses, helping them solve critical working capital problems that can constrain growth. By improving cash flow its customers are able to seize new opportunities such as acquiring additional stock, hiring talent or simply improving the profitability and resilience of their business.
Companies In This Post
- “End the SME savings penalty” says new campaign backed by Britain’s small businesses Read more
- Sapiens Expands Presence in Canadian Market to Accelerate Growth for Canadian Insurers Read more
- GFT strengthens leadership team with executive director appointment Read more
- Smart Data Foundry Partners with NayaOne to Drive Financial Innovation Read more
- CGS International Securities Expands Securities Finance Capabilities with Broadridge SFCM Solution Read more