Wayflyer announced Feb. 1 its Series B funding round of $150 million.
The funds will be used to provide e-commerce merchants with billions in financial support for years to come, according to a press release published by Business Wire. The increase in funding also elevated the Dublin-based company's post-money valuation to $1.6 billion.
“The pandemic has accelerated e-commerce adoption globally and Wayflyer is transforming financial services for e-commerce businesses wanting to scale quickly, helping them to gain access to capital, inventory and insights at attractive terms," Head of Investments for Europe at Prosus Ventures, Sandeep Bakshi, said in the release.
The e-commerce industry is projected to reach $5.4 trillion in sales by Dec. 31, according to the release.
“Aidan, Jack and the Wayflyer team remain focused on helping e-commerce companies grow and maximize their potential," Co-founder and Managing Partner at DST Global, Tom Staffard, said in the release. "We are impressed by their commitment to building the best products for their customers and proactively helping (them) grow via analytics, practical insights and attractively priced funding. We are pleased to continue supporting the team, as Wayflyer expands globally to provide innovative financing and growth solutions for e-commerce businesses around the world.”
Wayflyer CEO, Aidan Corbett, said focusing on customers will continue.
“Since launching in April 2020, Wayflyer has been relentlessly focused on helping our customers drive growth and removing the barriers that limit their potential," Corbett said in the release. "The founders we work with have incredible ideas and passion for making things happen; they’re constantly striving to break new ground and go further in business — and we’re proud to support them and help them reach new heights.”
The Series B round will help build offerings for customers, enable Wayflyer to expand in exciting new territories, and hire more world-class talent, Corbett said.
“We’ve only just scratched the surface of what’s possible here, and with an incredible team all working together to solve the biggest challenges in e-commerce, I couldn’t be more excited for what’s ahead,” he added.