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Spongellé

Beauty

United States

https://spongelle.com

Spongellé is a family-owned brand delivering elevated, all-in-one beauty treatments. When they made the leap from B2B to D2C they called in Wayflyer to help fuel their growth.

Challenge

California-based Spongellé, are statement-makers in self-care. Renowned for their patented Body Wash Infused Buffers, they faced a pivotal shift in their business model around 2015. Transitioning from wholesale B2B to direct-to-consumer (D2C) sales, they experienced burgeoning growth across multiple channels. With this growth came an urgent need for funding—a need traditional banking systems, with their lengthy processes, couldn't swiftly address. This challenge was critical for Spongellé to maintain momentum and capitalize on their expanding market presence.

“We were aware that there was just a very long process of working with traditional banks, but the Wayflyer system seemed to be the exact opposite.” Eric Binder, COO, Spongellé

Solution

Spongellé turned to Wayflyer to overcome their funding hurdles. Traditional financial institutions had failed to accommodate their unique business model, prompting the need for a more tailored solution.

For Eric Binder, COO, Wayflyer's appeal lay in its ease of use, efficient partnership, and rapid funding process. By simply connecting their e-commerce platform and integrating data from Google and Facebook, Spongellé secured funding within just 24 hours. This quick and hassle-free process enabled them to focus on growth without the usual financial roadblocks.

Results

The impact of Wayflyer's funding on Spongellé's business was multifaceted and profound. It fueled their growth in numerous ways—from amplifying marketing efforts and purchasing inventory to accommodating and financing new wholesale customer orders. Especially beneficial was the ability to fund purchase orders from large retailers, a process fraught with logistical and financial complexities.

Wayflyer's advance capital gave Spongellé the flexibility to produce goods and maintain inventory, crucial for meeting retail demand spikes. They’ve grown sales in virtually every major city in the U.S., and expanded to Europe, Asia, and the Middle East. This partnership not only eased Spongellé's funding concerns but also instilled confidence to embrace new opportunities, marking a significant milestone in their business journey.

“Working with Wayflyer kind of gives us the peace of mind to know that we can take on these new challenges”

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