Great news from OnBuy, they tell us that they’ve achieved their first ever profitable month since launching inception in 2016, and is confidently forecasting a profitable quarter.
What a profitable month means is that they’ve sold enough to take more in fees than costs – pretty impressive seeing as they have over 100 staff on the payroll and are funding expansion and marketing programmes such cashback for consumers to drive sales. Look out for International expansion, which should bring even more customers for the brands and retailers selling on the marketplace.
What makes their first profitable month perhaps even more impressive, is that OnBuy has continued to see impressive year-on-year results following a raft of new releases and optimisations across its platform, in contrast to the wider tech industry which has seen a reported slowdown in growth.
CEO and founder, Cas Paton has also confirmed that OnBuy has secured strategic investment from a Nasdaq-listed, global tech firm, allowing the business to accelerate its overseas strategy with the backing of an international partner, as well as continuing to grow its presence in the UK.
It has subsequently invited existing shareholders to invest in the next stage of OnBuy’s journey.
Plans are already in motion to begin its international expansion, with the marketplace focused on delivering the first wave of its global roll-out in 2024.
This year has been a complete transformation for OnBuy. We are in the strongest position we have ever been in. This has allowed us to secure strategic investment from new and existing parties that will help us to ‘scale out’ at pace. We’re also exploring the possibility of opening a small round for external investors, our sellers and customers via crowdfunding.
We’re setting our sights firmly on the next big goals; driving our UK business to new heights by investing in our technology and scaling. We also expect to drive significant additional growth as we plan to launch our first overseas websites in 2024, which is very exciting!
Taking OnBuy international has always been an important part of our roadmap, but due to factors beyond our control such as Brexit, COVID and more positively, significant UK growth, we chose to put our plans on hold until we could ensure success.
To secure investment in the current climate pays great testament to all the hard work that the OnBuy team has put into realising our strategy. To be able to present the results and breadth of opportunity that inspires investor confidence at this point in time is a real achievement
We are truly disrupting the industry, and I’m grateful to every investor, seller and customer who has supported us over the past few years with unwavering belief in OnBuy’s vision to change online retail for the better.”– Cas Paton, CEO & Founder, OnBuy