Patrick Helmer is the CFO of Constyle, a Dutch fashion retailer. He has founded and invested in dozens of eCommerce businesses over the last decade. When he was looking for ways to fund Constyle, he was frustrated with the traditional options available to him (like banks).
Patrick explains how Wayflyer has been able to fund Constyle’s growth, allowing them to purchase more stock and double their sales in under 6 months.
“I don’t like banks”, says Patrick. “To get money from them I have to put up my house as collateral. I’ve worked hard to own my house and have seen the stress associated with using an asset like your house as collateral. That is not something I wanted.”
“I don’t like banks. To get money from them I have to put up my house as collateral. That is not something I wanted.”
But, like any good entrepreneur, Patrick knows that to grow a business, you need access to funding. After receiving an email from the Wayflyer team in 2020, he started exploring how Wayflyer could help fund Constyle. He liked how fast and simple the process was and that he didn’t have to give up any collateral or equity.
Since starting to work with Wayflyer, Patrick has used Wayflyer to finance all of his stock orders.
“Wayflyer allows us to pre-finance all our stock. We use Wayflyer funds to purchase inventory, so we never have to worry about getting the cash to make the purchases we need. When planning for busy periods, this is super valuable. We know we can get the money to buy the extra stock we will need to meet demand. This means that we can keep everything in stock, all the time, allowing us to maximise our revenue from every site visitor”, says Patrick.
“We use Wayflyer funds to purchase inventory, so we never have to worry about getting the cash to make the purchases we need.”
Constyle now use Wayflyer to fund all their inventory orders and have taken multiple rounds of funding over the past year. Because of Wayflyer’s simple and transparent funding model, it has been very easy for them to access funding as they needed it. Constyle get the cash up-front to purchase the stock and then repay Wayflyer using a small percentage of their sales.
Getting access to this funding has allowed Constyle to achieve some incredible results. With more stock on hand and more cash available for growth, they’ve been able to double their sales in just 6 months. They’ve also been able to expand internationally, growing their operations in countries outside of the Netherlands.
The biggest benefit Patrick sees for Constyle is that they now have a funding partner that gives them the cash they need to grow, without any of the downsides (like giving up collateral or equity).
“We get a lot of confidence from working with a partner like Wayflyer”, says Patrick.”
“We know we have a source of funds that will allow us to grow not just this month, but well into the future as well”.