The move is set to allow the organisation, which provides financing to e-commerce startups in exchange for a portion of their future revenue, to keep its overall debt-to-equity ratio low.
The deal has been described as an off-balance sheet programme, meaning that Wayflyer’s terms will presumably be more favourable than they otherwise would’ve been.
Over an unspecified period of time, Wayflyer will purchase up to $1 billion of assets from funds managed by Neuberger Berman.
Wayflyer co-founder and CEO Aidan Corbett, said: “As e-commerce businesses seek to navigate growth amid the current economic conditions, we’re seeing a growing demand for our reliable funding solutions, especially in the U.S. market.
“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 e-commerce customers can continue to thrive in any economic conditions.”
Founded in 2019, the Irish organisation’s customers typically take out loans between $300,000 to $400,000 to cover things such as inventory purchases, shipping costs and other big-ticket items necessary for running an e-commerce business.
In making loan and repayment decisions, Wayflyer draws on a range of data sources, including Shopify and Woocommerce, TrustPilot reviews, Google Analytics and wider information about how shipping services are performing, affording them a predicative advantage in the market.
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