Wayflyer renews debt line as clients focus on security of funding

The Irish tech unicorn made the move as clients focus more on the source of revenue-based lenders' funds after the collapse of Silicon Valley Bank.

"Last year, it was very much around what's the price? One of the questions we often get asked right now is what's your funding base and obviously this gives us a huge advantage," chief executive Aidan Corbett said.

Irish fintech Wayflyer has renewed a $300m (€278m) debt line with J.P. Morgan, a step it said underscores the security of its finance base as clients focus more on the source of revenue-based lenders' funds after the collapse of Silicon Valley Bank.

Wayflyer, which provides e-commerce firms with unsecured working capital for an upfront fee and a slice of future sales, said reliability was a much bigger factor since the failure of startup-focused lender Silicon Valley Bank left billions of dollars belonging to companies and investors stranded.