28 November 2023

Wayflyer hits monthly profitability

Written By FinTech Alliance

Wayflyer hits monthly profitability

A month after securing a $1bn debt funding line, Irish unicorn Wayflyer hit monthly profitability as it pushes to become fully profitable in 2024.

In brief:

-The Irish fintech is winding down operations for the startup it acquired last May as it sees its revenues increase by more than 75 per cent year-to-date

-The specialist revenue-based eCommerce lender reduced its operating losses by 85 per cent in the last quarter compared to the previous year, with revenue increasing by more than 75 per cent year-to-date.

-Wayflyer also said it is winding down Peblo, an influencer financing business startup it acquired last May, to focus on its core products and businesses.

What does this mean?

“As a business, we’ve been laser-focused over the past 18 months on achieving profitability. It’s no secret that we’re in a difficult economic climate currently, but we’re seeing the demand for reliable funding solutions start to bounce-back, particularly in the U.S,” Wayflyer co-founder and CEO Aidan Corbett said.

Read more here.

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