Irish revenue based financing firm Wayflyer has secured $300m in new debt financing that will help propel its growth.

The company has begun to deploy the cash, which came from J.P. Morgan.

It said the funding will help increase its firepower and reduce its cost of capital.

"With eCommerce revenues set to hit 5.4 trillion US dollars in 2022, the need for competitively priced funding solutions is greater than ever," Aidan Corbett, Wayflyer CEO and Co-Founder.

"The $300m debt financing we've secured and partly deployed from J.P. Morgan will help us seize this opportunity, and enable us to offer the most competitive rates in the market to more effectively help ambitious eCommerce businesses realise their growth potential."

The money will help meet demand from over 300,000 e-commerce merchants globally.

The development follows Wayflyer’s announcement of a $150m Series B fundraising round in February 2022 that saw its valuation reach $1.6bn.

It was co-led by DST Global and QED Investors, with J.P. Morgan as a participant.

Wayflyer provides ecommerce businesses with a "one-stop shop" for working capital needed as well as data analytics and insights to assist them to spend the capital efficiently.