AI-powered eCommerce firm Wayflyer secures £7.8m for UK expansion
Posted on October 20, 2020 by Alistair Hardaker
eCommerce revenue-based financing and marketing analytics platform Wayflyer has raised $10.2m (£7.8m) in new seed capital.
The new funding will support the London and New York based company’s global growth plans and further its technology.
The seed funding round was led by ClearScore and Nubank backers QED Investors, with Middlegame Ventures and co-investors Speedinvest and FinTech Investment Vehicle FGFE as the other major participants.
This equity financing raise comes as Wayflyer scales to meet demand in the eCommerce sector for its funding and analytics offerings suited for small businesses, putting the company on track to reach profitability in 2021.
This latest funding round will enable the company to fund up to one thousand more eCommerce stores over the next year.
Wayflyer provides non-dilutive, unsecured capital up to $5m for inventory and advertising space.
Its funding solutions are tailored for the needs of eCommerce and Direct-to-Consumer (DTC) brands, pairing marketing advice with same-day offers generated by its underwriting analytics engine.
Wayflyer is aiming to expand their customer base in the U.S., the U.K. and Ireland, along with strengthening their presence in fast-growing eCommerce markets such as Australia and Canada.
Additionally, a portion of this new capital will be used to improve its analytics and marketing insights software.
“Wayflyer’s purpose is to help eliminate the road blocks for eCommerce stores on their path to growth. Their success is our success. With this funding, we can expand our global footprint to support even more startups to grow their businesses and empower them to market more effectively,” said Aidan Corbett, Wayflyer’s CEO and co-founder.
“Since issuing our first advance in March of this year, we have helped over 100 businesses to exceed their revenue and growth goals with over $25 million in total funding advanced and zero defaults. This is undoubtedly due to the strength of Wayflyer’s technology and data, which allows us to invest in promising young companies that are shut out of mainstream financing options. With the support of our investors, we’re building upon this winning formula in new markets and with new capabilities.”