The e-commerce revenue-based financing and marketing analytics platform Wayflyer has recently announced plans to expand its presence in Australia through new hires and investments in the country’s rapidly growing small to medium-sized e-commerce businesses and Direct-to-Consumer (DTC) brands.
The company will significantly increase staffing at its current Alexandria, Sydney-based office to provide up to AU$100 million in funding over the next several years. Revenue-based financing is a new category of finance for Australia, with Wayflyer as the first company providing such funding to open an office and build a local team in the country.
Having launched its Australian business in July 2020, Wayflyer already counts some of the biggest and best-known domestic e-commerce brands among its 40 current customers in the country, with over AU$9 million in funding dispersed to date; in amounts ranging from AU$5,000 to AU$1 million.
“We’ve used Wayflyer for financing the import of our products from France. The team are very friendly, the service is incredible and the funds transfer is fast,” comments Kyla Kirkpatrick, CEO and Founder of Emperor Champagne, an Australia-based e-commerce destination for champagne and a Wayflyer customer. “The rates beat the banks and this is invaluable for a growing business.”
No Standing partnership
To meet its Australian-market growth and funding objectives, Wayflyer has partnered with the established digital solutions provider No Standing; an Australia-based global digital marketing agency.
Together, Wayflyer and No Standing have formed a new platform, Accelerate+. Operational since January 2021, Accelerate+ pairs Wayflyer’s data-driven funding with No Standing’s digital expertise and knowledge of Australia’s e-commerce, fashion, and tech sectors. Upon approval, Accelerate+ customers will receive fast funding of up to AU$5 million to finance their digital growth strategy using No Standing’s services for digital marketing and brand strategy; as well as to purchase inventory. Eligible brands also receive complimentary access to Accelerate+ Analytics to optimise their marketing spend.
“Since the launch of Accelerate+, we’ve been inundated with inquiries. Teaming up with Wayflyer to not only offer e-commercial business funding but also the marketing support to best deploy them has been an all-round hit,” comments Sohan Karunaratne, Co-Founder & CEO of No Standing. “We’ve just recently signed two e-commerce brands that have asked us to develop major seasonal campaigns for new product ranges. On top of that, our branding department, ARTHAOS, will be working on refreshing the identity of a skincare brand before their launch into the global market. So, needless to say, we’re excited to hit the ground running like this. We’re confident this product will change the game for small to medium-sized enterprises and can’t wait to see what’s next.”
Among the Accelerate+ clientele is to be found the vegan and cruelty-free post-tattoo skincare supplier Ink Nurse; who highly recommend the platform. “Accelerate+ has been super beneficial for us here at Ink Nurse.
“The initial funding assisted Ink Nurse with a AU$70,000 order of stock to ensure we didn’t run out of inventory,” comments the lifestyle brand’s CEO and Founder Jason Taylor. “This was very helpful for our cashflow and to manage stock effectively. We were running low on our flagship product, our 100ml remedy cream, due to an incrementally increasing demand. The cash injection from the Accelerate+ programme was made seamlessly and smoothly, which allowed a quick turnaround to pay our manufacturer for the order and in turn ensuring our customers always had stock to purchase from. I would certainly recommend this product for SME’s, especially if you’re in e-commercially focussed. The analytics and data team I dealt with was very professional and able to maintain an all-encompassing grasp on my business as though it was their own.”
Wayflyer has also formed a valuable partnership with Airwallex, an Australia-founded fintech unicorn that provides cross-border payment solutions to businesses.
Launched in February 2021, Wayflyer’s partnership with Airwallex allows the company to provide funding and marketing analytics services to Airwallex’s e-commerce customers. In addition, Wayflyer customers in Australia can now use Airwallex’s global payment and card services, enabling them to run their business more easily and expand internationally. Through these offerings, Wayflyer and Airwallex are leveraging their complementary expertise to provide a comprehensive solution to challenges faced by founders and growth-stage brands, including obtaining affordable financing and facilitating cross-border payments. Already, in the first few weeks of the partnership, over AU$1,800,000 in funding has been provided to Airwallex customers.
Through these collaborations, Wayflyer aims to increase brand awareness and expand access to revenue-based financing, which provides an alternative to traditional bank funding and is tailored to the needs of scaling e-commerce companies. Instead of interest fees, equity stakes or collateral requirements, Wayflyer charges customers a single fixed fee on funding offers that they pay back as a percentage of their sales.
“Wayflyer exists to help e-commerce stores grow. Our fast, flexible financing and analytics, combined with No Standing’s digital and marketing expertise, provide a truly tailored solution for e-commerce stores looking to accelerate domestic or international growth,” comments Wayflyer Co-Founder and CEO Aidan Corbett. “Our customers are charged a single, fixed fee on funding offers that they pay back as a percentage of daily sales. We don’t require collateral and we don’t take an equity stake – our customers’ success stays their success. We’re delighted with the progress of Accelerate+ to date and look forward to helping many more Australian small and medium-sized businesses achieve national and global success.”
“It’s an exciting time for e-commerce in Australia, which has one of the most dynamic startup ecosystems in the world,” continues Aidan. “By building an even stronger local presence, we aim to play a vital role in helping the country’s most promising small businesses reach their potential. No Standing and Airwallex are the perfect partners in this journey, given their incredible track records and global outlooks. Together, we are establishing new pathways for Australian brands to reach scale and success.”