Wayflyer and J.P. Morgan sign $300m investment deal

E-commerce growth platform Wayflyer has secured and deployed $300m in debt financing from global financial services leader J.P. Morgan, with Neuberger Bermann 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 over 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.

Closer to home, the Australian arm of Wayflyer has provided more than $100m in new financing and striking partnerships, helping more than 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 J.P. Morgan as a participant, saw Wayflyer’s valuation hit $1.6bn after $150m was raised.

Both the debt financing line and Wayflyer’s Series B round enables the company to continue on its high-growth trajectory, offering eCommerce businesses 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 at Wayflyer said, “With eCommerce revenues set to hit 5.4 trillion US dollars in 20221, the need for competitively priced funding solutions is greater than ever. The $300m 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 realise their growth potential.”

Stuart Roberts, global head of trade and working capital at J.P. Morgan 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.

“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.”

Speaking about Wayflyer’s success in the Australian market, Brian Renvoize, Director of Growth AU at Wayflyer said, “The Australian eCommerce sector is going from strength to strength and significantly punches above its weight based on our population size which is something that seems to be driven by an excellent founder-community and a strong entrepreneurial spirit.

“Yet from a financing perspective, many local businesses have been underserved or are left with few options when it comes time to scale operations or grow internationally. For the team at Wayflyer, we are excited to be helping local entrepreneurs achieve their goals, having already provided over $100 million in funding to Aussie businesses and more to come, thanks to the financing from JP Morgan."