From the article:
All the lights are shining green for Irish e-commerce revenue-based finance provider Wayflyer, who has signed a $1 billion funding deal with investment firm Neuberger Berman in an off-balance sheet programme. This capital injection will boost Wayflyer’s growth, particularly Stateside, and further its financing solutions.
As the name suggests, an off-balance sheet (OBS) is a term that describes assets or liabilities that do not appear on a company's balance sheet. In the case of Wayflyer, the agreement notes a purchase up to $1bn of assets from funds managed by investment management firm Neuberger Berman.
If the term off-balance sheet is ringing any bells, Enron, and its spectacular collapse, is perhaps the most publicly known use of off-balance-sheet entities.
Essentially, this means that NB is putting up the capital to help Wayflyer pay down some of the debt they’ve previously raised and use it for new financings. Wayflyer will then repay them over a certain period by buying loans in NB or their partner's portfolio.
Wayflyer was founded by Aidan Corbett and Jack Pierse in 2019, however, Pierse announced his departure from the tech unicorn in July, where he had been CFO, to concentrate on a new venture. The RBF player also announced a 40 percent reduction of its global workforce in late 2022.
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https://tech.eu/2023/09/06/irish-e-commerce-loan-company-wayflyer-lands-1-billion-investment/