Irish start-up Wayflyer, a revenue-based financing and growth platform to eCommerce merchants, has raised $76 million (€62 million) in funding.

It comes just 14 months after the company launched its first product, confirming its status as one of Europe's fastest growing FinTech startups.

Wayflyer currently employs 75 people, of which 60 are based in Ireland.

Led by co-founders Aidan Corbett and Jack Pierse, Wayflyer provides a range of financing and marketing analytics solutions that help businesses access working capital, improve cash flow and drive sales.

The company has seen the business grow 290% over the past six months, deploying over $150m of funding across its three core markets; the US, UK and Australia.

With eCommerce sales expected to hit $4.2 trillion in 2021, the company said the funds from the round will be used to support Wayflyer's product development and international expansion.

The business is set to enter multiple new markets in the coming months.

To cope with demand for its cash advance product, Wayflyer has also expanded its debt facilities by an additional $100m and recently signed a major partnership with Adobe Commerce.

"We exist to help eCommerce businesses grow, and reduce the traditional barriers they face as they scale," said Aidan Corbett, Wayflyer CEO.

"Our rapid growth since launch demonstrates the strength of this proposition and our relentless focus on customer service, and we've only just scratched the surface of this enormous market," he added.

This latest funding round was led by Left Lane Capital, with support from partners of DST Global, QED Investors, Speedinvest and Zinal Growth, the family office of Guillaume Pousaz (founder of Checkout.com).

Dan Ahrens, Partner at Left Lane Capital said Wayflyer has quickly become a key player in the eCommerce ecosystem by solving the biggest challenge facing merchants.

"They have unlocked growth for many entrepreneurs, and their strong customer reviews show that they are a deeply trusted partner of many leading brands," he said.

"The Wayflyer team is world-class, and has a differentiated understanding of what drives scale in eCommerce markets," he added.