Wayflyer implements Stripe Issuing to unlock over $700M in funding for growing e-commerce startups

Wayflyer partners with e-commerce brands around the world to give them the funding they need to grow. With customers across 11 countries, the company offers fast, flexible funding from $10K to $20M, with a tailored remittance structure and no hidden fees.

Products used

    Payments
    Identity
    Issuing
Europe
Startup

Challenge

Wayflyer was founded in 2019 to solve funding challenges faced by growing e-commerce businesses. The company helps e-commerce startups get easy access to funding to expand inventory, increase marketing spend, or invest in other critical growth opportunities. Wayflyer provides revenue-based funding to startups by purchasing a percentage of future revenue up to a predetermined amount, which helps prevent dilution and minimise risk. As its client base grew, Wayflyer was looking for a way to lower the cost of providing funding to its customers so it could continue helping thousands of e-commerce startups scale.

Solution

Wayflyer chose to implement Stripe Issuing, which enables Wayflyer to issue virtual cards and gives its customers a convenient way to access their new funding. Wayflyer also utilises Stripe Identity to verify user identities and prevent fraud before offering and dispersing funds via their virtual cards.

Stripe’s intuitive APIs and detailed documentation made for a seamless onboarding experience for Wayflyer. “In terms of rolling out Stripe Issuing to customers, the whole process was pretty flawless from the day we turned it on. The Issuing card is ready in their account for them to spend; they have funding in the amount they need at the price they want to pay,” said Niall Gormley, Wayflyer COO.

Results

Stripe Issuing enables Wayflyer to share in interchange revenue from card spend, which it gives back to its customers as a discount on their loan terms. In turn, customers can leverage the additional capital they saved from reduced loan fees to reinvest in and grow their businesses.

Today, Wayflyer has been able to provide $700 million in total lending through over 2,100 merchant cash advances. Using Stripe Issuing’s virtual cards, Wayflyer’s customers are now able to get immediate access to the funding they need.

Wayflyer wanted a partner that served multiple international regions in order to have the ability to scale in the future. Wayflyer is confident that Stripe's extensive international presence will help it expand quickly and easily as the company scales to new markets.

We've been able to get funding to customers very quickly after they agree to their terms with us; some companies even use their funds the same day they receive it. With Stripe, we’re able to give immediate access to more funding with better terms, which is really what drives the growth of our customers’ businesses.

Niall Gormley, COO

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