20% reduction in time to decision since using Codat
30% decrease in applications with data quality issues
Ability to serve a new market segment unlocked
Fast, flexible financing for consumer brands
Wayflyer is all about helping brands grow faster and unlock their potential by tackling cash flow challenges. They provide businesses with funding in exchange for a portion of their future sales and have deployed over $3 billion in capital since their inception in 2019.
Navigating the data challenge
When Wayflyer first launched, their primary focus was on the eCommerce sector and leveraging the wealth of data available in that domain to fund businesses. However, as they began to expand their target audience to include larger clients and more diverse industries, they encountered a significant challenge: they didn’t have enough data to evaluate these businesses properly. This highlighted a crucial need for accounting data.
Unfortunately, accessing and manually reviewing this data was a real hassle for both Wayflyer and their customers, significantly slowing down time to funding. That’s when Wayflyer decided to team up with a partner to tackle this challenge.
“When you’re looking at eCommerce data from a handful of platforms, it’s relatively straightforward. But once you venture into accounting, it gets much more challenging. To really scale, we knew we had to stop manually processing accounting data.”
Ger Fitzpatrick VP of Engineering
Instant access to data
To deliver the best possible experience, Wayflyer needed immediate access to customers’ data for efficient underwriting.
Growth from the get-go
Wayflyer wanted to leverage integrations to broaden their reach and connect with customers across various commerce platforms, unlocking new opportunities and expanding their addressable market.
Clean data in a consistent format
Incomplete or inconsistent data led to a significant number of applications being denied before reaching the underwriting stage.
Data-driven insights unlocked
Wayflyer leverages Codat’s Lending API to access a rich array of accounting and commerce data from various systems, enhancing their understanding of applicant profiles. This helps them quickly get a complete view of revenue across all channels, offering a clearer picture of risk, and making it easier to underwrite and service loans efficiently.
“One thing that is really attractive about Codat is the wealth of different connections you can plug into, enabling us to really scale.”
Ger Fitzpatrick VP of Engineering
Improved speed and accuracy
With access to a more comprehensive, up-to-date view of customers’ finances, Wayflyer are able to make faster and more confident decisions.
Expanded offering
Partnering with Codat has enabled Wayflyer to broaden its scope from a direct-to-consumer model to include wholesale offerings.
Speed to market
With Codat, Wayflyer was able to launch new integrations significantly faster than if they had developed them in-house.
Faster, more accurate decisioning
“Since we integrated Codat into our processing workflows, we've experienced a 30% reduction in applications with data quality issues and a 20% faster decision-making time compared to before.”
—Ger Fitzpatrick, VP of Engineering at Wayflyer
Key results
- 20% reduction in time to decision since using Codat
- 30% decrease in applications with data quality issues
- Unlocked the ability expand beyond D2C businesses, to serve a new market segment
