Announcing our $253mn debt financing from Credit Suisse
Update 21 March 2023: The sale of Credit Suisse to UBS does not affect Wayflyer’s ability to fund our customers. We have a diverse range of funding sources to protect against any single counterparty risk including a $300 million debt facility from J.P Morgan, a $150 million Series B equity raise, and a $76 million Series A equity raise. We also have separate off-balance sheet partners who will purchase over $1 billion worth of advances. We continue to use our capital from our lines of credit to offer our eCommerce customers funding, at the fairest and most competitive rates.
Our ambition at Wayflyer is to help eCommerce businesses to grow — no matter the obstacles they face.
There’s no hiding from today’s hardening macroeconomic conditions. Businesses of all shapes and sizes are feeling the pressure, and eCommerce is not immune to this.
So now more than ever, eCommerce businesses need access to fair, flexible, and affordable funding solutions.
That’s why today, I’m excited to share that we’ve secured a $253million debt financing facility from Credit Suisse. Following the news of our $300million debt financing deal with J.P Morgan in May and our Series B funding round in February of this year, this deal gives us the financial backing and stability to be able to expand the support we provide to our customers.
So what does this deal mean for eCommerce businesses? Well, it means that we can offer our customers more funding, at the fairest terms and most competitive rates.
As with our J.P. Morgan agreement, the funding from Credit Suisse changes nothing about how we do business. It simply keeps our cost of capital low, which in turn means better rates for customers and more flexibility on our funding terms.
Regardless of the impact of wider economic conditions, we can continue to give eCommerce founders access to the funding they deserve and the means to scale without giving away equity or offering up security.