Wayflyer has renewed a $300 million debt line from J.P. Morgan as it reaches $2 billion deployed to over 3,000 eCommerce businesses globally.
Founded in Dublin by Aidan Corbett and Jack Pierse to 'solve the biggest challenges facing growing eCommerce businesses' the firm provides insights and finance to the eCommerce sector.
“Now more than ever, ambitious eCommerce businesses need the support of trusted partners to fulfill their growth potential. Despite the global macroeconomic headwinds of the last 12 months, there is still a huge market opportunity for online merchants, with revenues for US online retail hitting $1 trillion for the first time in 2022. This renewed vote of confidence from one of the world’s largest and foremost financial institutions will allow us to help even more eCommerce businesses seize this opportunity, and gives us a huge boost in a market where other providers are losing their access to credit,” says Aidan Corbett, Wayflyer co-founder and CEO.
“Our Trade & Working Capital Group remain committed to providing an eCommerce finance solution for our clients, to support the working capital needs of their online merchants. Particularly in today’s environment, with the liquidity gap for SMEs estimated to have grown to over $2 trillion, continuity of funding from trusted and reliable providers is key. We look forward to helping serve our clients with our continued support for Wayflyer,” says James Fraser, J.P. Morgan Payments.