Irish tech finance firm Wayflyer says it achieved monthly profitability in October as it continues its push towards full-year profitability by next year.
However the ecommerce lender also announced it was shuttering its influencer financing business Peblo, which it acquired in May 2022.
Wayflyer said the decision to close Peblo was not a reflection on the business or its staff, but was part of an attempt to focus on its core operations.
It said its losses over the past three months were 85% lower than in the same period of 2022, while revenue was up 75% in the year-to-date.
Wayflyer said much of that growth had come from the US, where it is seeing huge demand from ecommerce companies.
"As a business, we've been laser focussed over the past 18 months on achieving profitability," said Wayflyer CEO Aiden Corbett. "It’s no secret that we’re in a difficult economic climate currently, but we’re seeing the demand for reliable funding solutions start to bounce-back, particularly in the US.
"We not only help our customers access fair and flexible funding, but also arm them with the ecommerce expertise they need to realise their growth ambitions, no matter how challenging the wider market. Reducing cash-burn and increasing revenue sustainably is the task ahead for all growth stage startups like Wayflyer in 2024."
Earlier this year Wayflyer renewed a $300m debt line with JP Morgan.
Wayflyer offers financing to ecommerce companies to help them fund advertising and their inventories.
It said that more than 80% of its customers return for additional financing after completing their initial deals.
