DUBLIN, June 14 (Reuters) - Irish fintech Wayflyer has renewed a $300 million debt line with J.P. Morgan (JPM.N), a step it said underscores the security of its finance base as clients focus more on the source of revenue-based lenders' funds after the collapse of Silicon Valley Bank.
Corbett declined to disclose the new terms but said that while all debt is now more expensive, the renewed line likely gives Wayflyer the most competitive cost base in the market.
Corbett said deteriorating macroeconomic conditions forced it to take a more conservative stance in the second half of the year.
Wayflyer cut its workforce by 40% to 300 last November in response, but continues to operate in 12 markets.
Wayflyer's revenue is up around 30% year-on-year so far in 2023, Corbett said, with demand in the U.S. "still extremely strong."
Persons:
Wayflyer, Morgan, Aidan Corbett, Corbett, Padraic Halpin, Conor Humphries
Organizations:
DUBLIN, Silicon Valley Bank, Wayflyer, Bank, Reuters, Credit Suisse, Thomson
Locations:
Silicon, J.P, Europe, U.S