- Industry: Beauty
- Location: United States
- Website: spongelle.com
Wayflyer funded Spongellé's purchase orders for new big-box retailers
Spongellé needed cash upfront to produce and stock goods for new big-box retail accounts, without relying on invoice or PO factoring. Wayflyer funded purchase orders within 24 hours, letting Spongellé keep inventory on hand for retail demand spikes.
- Funding turnaround after connecting eCommerce data
- 24 hours
- Large-retailer orders funded upfront, not factored
- Pre-PO funding
- Major US cities, plus Europe, Asia and the Middle East
- Global expansion
"The Wayflyer funding we've received has helped us with our wholesale customers, because it gave us access to that capital in advance, versus funding types like invoice factoring or PO factoring. It's allowed us to produce the goods and keep inventory on hand for retailers when things spike. Working with Wayflyer gives us the peace of mind to take on these new challenges."
Challenge
Understanding the challenge
California-based Spongellé, are statement-makers in self-care. Renowned for their patented Body Wash Infused Buffers, they faced a pivotal shift in their business model around 2015. Transitioning from wholesale B2B to direct-to-consumer (D2C) sales, they experienced burgeoning growth across multiple channels. With this growth came an urgent need for funding: a need traditional banking systems, with their lengthy processes, couldn't swiftly address. This challenge was critical for Spongellé to maintain momentum and capitalize on their expanding market presence.
“We were aware that there was just a very long process of working with traditional banks, but the Wayflyer system seemed to be the exact opposite.” Eric Binder, COO, Spongellé
Solution
Finding the right solution
Spongellé turned to Wayflyer to overcome their funding hurdles. Traditional financial institutions had failed to accommodate their unique business model, prompting the need for a more tailored solution.
For Eric Binder, COO, Wayflyer's appeal lay in its ease of use, efficient partnership, and rapid funding process. By simply connecting their eCommerce platform and integrating data from Google and Facebook, Spongellé secured funding within just 24 hours. This quick and hassle-free process enabled them to focus on growth without the usual financial roadblocks.
Results
The measurable impact
The impact of Wayflyer's funding on Spongellé's business was multifaceted and profound. It fueled their growth in numerous ways: from amplifying marketing efforts and purchasing inventory to accommodating and financing new wholesale customer orders. Especially beneficial was the ability to fund purchase orders from large retailers, a process fraught with logistical and financial complexities.
Wayflyer's advance capital gave Spongellé the flexibility to produce goods and maintain inventory, crucial for meeting retail demand spikes. They’ve grown sales in virtually every major city in the U.S., and expanded to Europe, Asia, and the Middle East. This partnership not only eased Spongellé's funding concerns but also instilled confidence to embrace new opportunities, marking a significant milestone in their business journey.
“Working with Wayflyer kind of gives us the peace of mind to know that we can take on these new challenges”
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