Irish start-up Wayflyer, a revenue-based financing and growth platform to eCommerce merchants, has raised $150m in a Series B funding round.

This gives Wayflyer a post-money valuation of $1.6 billion, and makes the company Ireland's sixth 'unicorn' - a startup company with a value of over $1 billion.

Wayflyer said the investment will be used to expand the company globally, in the US, across Europe and into Asia.

It also said the funds will allow the business to hire more team members and expand its product offering.

The all-equity round was co-led by DST Global and QED Investors.

They were joined by three new investors - Prosus, Madrone Capital Partners and JP Morgan - and existing investors Left Lane Capital and Guillaume Pousaz.

The raise follows a period of growth for the Dublin-headquartered business last year, in which cash advances grew more than 900% year-on-year.

In 2021 alone, Wayflyer raised a Series A round of $76m, expanded into new markets including Spain and the Netherlands, opened a dedicated office in Atlanta and formed partnerships with the likes of Adobe, Sezzle and eBay UK.

Wayflyer’s staff count increased last year from 40 up to 250,.

"Since launching in April 2020, Wayflyer has been relentlessly focused on helping our customers drive growth and removing the barriers that limit their potential," said Aidan Corbett, CEO of Wayflyer.

"The founders we work with have incredible ideas and passion for making things happen; they're constantly striving to break new ground and go further in business —-and we’re proud to support them and help them reach new heights," he said.

Tom Stafford, co-founder and Managing Partner at DST Global, said they are pleased to continue supporting the team, as Wayflyer expands globally.

Sandeep Bakshi, Head of Investments for Europe at Prosus Ventures said it believes the financial and business innovation that Wayflyer provides will "help to fuel eCommerce ecosystems globally".