Wayflyer, a revenue-based financing and growth platform for eCommerce businesses, has secured $1 billion in financing from investment management firm Neuberger Berman. According to a press release from Wayflyer on Wednesday (Sept. 6), the off-balance sheet program will enable the company to deploy capital to its extensive network of over 3,000 eCommerce merchants globally.

‍
“This $1 billion off-balance sheet purchase of assets from Neuberger Berman demonstrates the power, success and resilience of our proposition and will provide the capital firepower for us to ensure our eCommerce customers can continue to thrive in any economic conditions,” said Aidan Corbett, co-founder and CEO of Wayflyer.

‍
The financing follows Wayflyer’s growth in recent years, which saw the company increase its capital deployed by 100% between 2021 and 2022. Wayflyer has partnered with eCommerce businesses looking to realize their growth potential, with over 80% of its customers returning for additional financing after completing their initial funding deals.

‍
The company’s platform serves as a one-stop shop for working capital, providing both affordable, non-dilutive, unsecured capital that helps businesses grow and a free analytics platform that provides knowledge and insight that helps them optimize how they spend their capital.

‍
Zhengyuan Lu, managing director at Neuberger Berman, noted that the global eCommerce sector is expected to continue growing rapidly. “We’re always looking for innovative partners that provide genuine value in the space and have been thoroughly impressed by Wayflyer’s model and experienced team. We’re thrilled to partner with Wayflyer on its mission to be the growth partner of choice to ambitious eCommerce businesses,” he said.

‍
The announcement comes at a time when rising interest rates, high inflation and lower consumer spending have led to a sharpened focus on belt tightening among venture capital (VC) firms, putting pressure on companies as they pivot to profitability. In this challenging environment, angel investing, government funds, corporate partnerships and other alternative options are gaining traction and being used to complement traditional methods of funding as companies scramble to stay.

‍
Sources: https://www.pymnts.com/news/investment-tracker/2023/wayflyer-bolsters-growth-platform-with-1-billion-financing/