Irish fintech Wayflyer was founded in the same year as Pipe, promising to do the same but different (more on that later).
Ultimately, our goal is to be the definitive growth partner for every ambitious ecommerce founder, covering all their funding and banking needs Last week the company announced its first acquisition: London-based media and entertainment financing company Purely Capital. One of the poster children for the new RBF generation, Pipe has enjoyed rapid growth since its launch, reaching double unicorn status and 12,000 customers less than a year after launching.
We mention Pipe because the buzzy US fintech - it pitches itself as the “Nasdaq for revenue” - entered the European market in September with a UK office. 2019 saw the emergence of Pipe in the US, Wayflyer in Dublin, Uncapped and Outfund in the UK and Uplift1 in Berlin. After expanding to the Netherlands last May, the unicorn landed a $200m investment from SoftBank’s Vision Fund II to ramp up its European expansion, and it has eyes on Asia-Pacific too. It launched in the UK in 2020, where it’s on track to invest £500m in local startups. After raising £70m from the likes of Silicon Valley Bank (SVB) in 2020, Liberis teamed up with Klarna last summer to offer merchants on the buy now, pay later platform its revenue-based financing.Įight years later, in 2015, Clearco (formerly Clearbanc) began providing revenue-based financing for ecommerce and SaaS companies in Canada. The veteran in the space is Liberis, which has provided over £500m in financing to 17,000 SMEs across Europe, the US and the UK since it launched in 2007. More on that later - but it’s essentially so that the RBF company is able to work out the size and terms of the loan easily, based on current and future revenue. RBF works best for subscription-based business models, which in the startup world generally means ecommerce businesses or software-as-a-service (SaaS) businesses. Sifted has used a combination of Dealroom data, company information and interviews with founders and investors in this piece. So Sifted spoke to the major players (so far), quizzed the VCs invested in the nascent industry and worked out what exactly they all do. Three months into 2022 they’ve already raised $220m, on the back of raises by Wayflyer, Karmen and Silvr.īut with so many new kids on the block, it’s hard to keep track of who’s who and what’s what. RBF startups attracted a record $671m VC investment in Europe last year. 18 RBF startups have been founded in Europe since 2019 - more than the number of speedy grocery startups founded in that time
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