Wayflyer is now Ireland’s 6th unicorn

Dublin fintech Wayflyer is generating considerable buzz and is now worth $1.6bn.

A Dublin start-up called Wayflyer has joined the storied ranks of Ireland’s relatively young unicorn herd after raising $150m.

The business, which was founded only in 2019, provides revenue-based financing and marketing analytics for online firms. It then provides e-commerce stores with unsecured capital to secure advertising and inventory ahead of selling items.

“We spent four years giving e-commerce clients guidance on how they could accelerate their growth but often they simply didn’t have the capital. So, we decided to provide the capital too”

According to The Irish Times, Wayflyer advanced $500m to companies globally last year. It is understood to have amassed 800 customers..

The numbers game

In October 2020 the company raised $7.8m in seed funding and in December 2021 raised $76m in a Series A round.

The latest Series B round was led by DST Global and QED Investors along with new investors Prosus, Madrone Capital and JP Morgan as well as eisting investors Left Lane Capital and Checkout.com founder Guillaume Pousaz.

Wayflyer has also grown its headcount to around 250 people.

It is understood to be planning to use the financing to increase the amount of capital it provides to client companies as well as increasing its headcount.

Wayflyer was founded by Aidan Corbett and Jack Pierce in 2019.

Before starting Wayflyer Corbett founded workplace education platform Kubicle and data analytics consultancy Conjura. Pierse, the company’s CFO, previously worked at PwC and Liam Casey’s Highway1.

“Wayflyer began life as part of a pure data analytics company,” Corbett explained in 2020.

“We spent four years giving e-commerce clients guidance on how they could accelerate their growth but often they simply didn’t have the capital. So, we decided to provide the capital too. Since making our first advance in March of this year, the incredible demand for our analytics and financing services has exceeded even our own high expectations.”

In recent weeks Flipdish became the fifth home-grown Irish tech company to join the ranks of Irish unicorns- firms valued at more than $1bn – alongside Intercom, Workhuman, Fenergo and LetsGetChecked. This makesWayflyer the sixth unicorn to emerge from Ireland.

Another company called Stripe, founded by two brothers from Nenagh John and Patrick Collison in San Francisco, is the darling of Silicon Valley with a $95bn valuation. Stripe is what is known in investor circles as a decacorn, having achieved more than a $10bn valuation in less than ten years.

There are 907 unicorns around the world, as of November 2021, according to CB Insights’ Unicorn Tracker. Collectively, they are valued at $2.995trn total.

Pictured at top: Aidan Corbett and Jack Pierse, founders of Wayflyer

John Kennedy
Award-winning ThinkBusiness.ie editor John Kennedy is one of Ireland's most experienced business and technology journalists.

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