Uncapped vs Wayflyer: same promise, very different doors

The floor is the story

Uncapped's UK homepage sets out three products by revenue: Amazon sellers from £10,000 a month, Fixed Term Financing from £100,000 a month, and the Line of Credit from £500,000 a month. The product pages tell a slightly different story, quoting loans from £10,000 to £10 million, and the FAQ says offers run from $10K to $10M depending on the business. Nothing on the site reconciles the two. Our reading is that the homepage describes the brand Uncapped wants and the product pages describe the widest range the platform will quote, with the Amazon route as the only place a five-figure loan is plainly available.

Wayflyer's bar is a tenth of that and it is stated in one place: at least £10,000 in average monthly sales, met for the preceding six months. Where it gets fussier is history and category. Six months of trading is enough for ecommerce and software, but retail and service businesses need two years, and the small-business loan page asks for twelve months. It will not fund start-ups and it will not fund dropshippers, because it funds only ecommerce companies that hold their own stock. So the gap between these two is not one line, it is two: Uncapped screens on size, Wayflyer screens on what kind of business you run.

For a brand doing £40,000 a month there is no comparison to make. Uncapped will not take the application unless you sell on Amazon, and Wayflyer will, assuming you hold stock. That is worth saying plainly because a good deal of the material written about these two treats them as interchangeable ecommerce lenders, which they stopped being when Uncapped moved upmarket.

Who Uncapped actually is

Uncapped Ltd was founded in London in 2019 by Asher Ismail and Piotr Pisarz, raised £10m at launch and $26m from Mouro Capital the following year, and spent its first years selling revenue-based finance. It stopped. A blog post captured by 30 September 2023 says the company underwrote no new revenue-based deals that year and was ending the product, and the FAQ now reads that it offers fixed term loans and a line of credit instead. Ismail left the board in November 2023. Pisarz remains chief executive and, per the accounts, the ultimate controlling party.

The current shape is a fixed fee of 0.7% to 1.5% a month on capital, with 1% given as the average and no interest on top, a term of up to 24 months, and a daily, weekly or monthly direct debit that typically starts the day the money lands. The Amazon product is the same loan from a £10,000-a-month floor with an advertised approval rate of about 80% and a payment holiday of up to three months. The Line of Credit, launched in January 2024, prices as a fixed APR as low as 10.99%, charges only on what you draw, sets a limit typically up to double your monthly revenue, and takes a repayment every 14 days. Everything is for limited companies with six months of trading, and Uncapped states that it takes no equity, personal guarantees or warrants. Our Uncapped review covers the group structure and the entity you actually contract with, which is worth checking on the offer letter.

Who Wayflyer actually is

Wayflyer started in Dublin in 2019, began lending in 2020, hit a $1.6bn valuation in February 2022 and says it has now put more than $6 billion into over 7,000 businesses. The UK range is a Cash Advance repaid as a share of revenue, a Term Loan repaid in fixed amounts, and Rolling Financing that holds a pre-approved limit over a twelve-month contract. Since autumn 2025 it has also lent outside ecommerce, with a small-business loan of up to £1m for firms in retail, software, consumer services and healthcare.

The contracting party is Wayflyer Limited, an Irish company registered at One Spencer Dock in Dublin. The surviving UK company is filed at Companies House under an information-technology consultancy code, and the UK entity that carried the credit-granting code was dissolved on 2 July 2024. No FCA or Central Bank wording appears on the GB homepage, products page or platform terms. Lending to a UK limited company sits outside the consumer-credit regime, so that is expected rather than alarming, but a director should know the agreement is with a Dublin company. Our Wayflyer review sets out the structure and the help-centre detail in full.

What you actually pay

These two price in different units, which is why so many comparisons of them are useless. Uncapped charges a percentage per month of the capital: 0.7% to 1.5%, average 1%, multiplied by the number of months, with the total quoted before you accept. Wayflyer charges one percentage of the advance, whatever the term inside its three to nine month window, typically 5% to 10%. To compare them you have to put both into the same unit. A 7% Wayflyer fee over nine months is about 0.78% a month. Uncapped at its 1% average over twelve months is 1% a month, and 12% in total. On those numbers Wayflyer is cheaper both per month and in total, and it is cheaper because the money is out for a shorter time and has to be earned back faster.

The clause that decides more of these deals than the headline rate is early settlement. Uncapped's FAQ is blunt: paying off a term loan early does not reduce the total amount due, and the benefit is that the obligation ends sooner. Wayflyer says the same thing in different words, that early repayment carries no extra fee and the total owed remains the same. So neither lender rewards you for clearing a stock cycle faster than planned. The exception is Uncapped's Line of Credit, where interest accrues only on the outstanding balance and there is no prepayment fee, which makes it the one product across both lenders where paying down early actually saves money.

Wayflyer publishes two levers on the fee: a shorter payback earns a lower fee and a larger amount often earns a smaller percentage, though once an offer is accepted the fee cannot be moved. Uncapped publishes a band and an average, and its product page advertises fees as low as 0.8% a month. Neither publishes the formula behind the number you will be quoted. Our factor rate versus APR guide covers the conversion you need to compare either of them with a bank facility.

Fixed instalment against a share of sales

Uncapped is a schedule. You choose daily, weekly or monthly, the amount does not move, and repayments typically begin the day the investment lands in your account. Amazon sellers who hoped to line the debits up with fortnightly Amazon payouts get a flat answer in the FAQ: the schedule cannot be changed after the funds are disbursed. That is a straightforward product and it suits a business with predictable cash.

Wayflyer lets you pick. The Cash Advance remits a percentage of revenue, so a slow month takes less, and the help centre confirms there are no penalties if variable repayments run past the estimated term. The Term Loan takes a fixed amount instead. Both are collected by BACS direct debit rather than taken out of your sales at source, so both need money in the account on collection day. If your sales spike, a revenue-share advance takes more, faster, and the cap that would prevent that is described as available only in specific circumstances. Ask whether yours has one.

What the accounts say about appetite

Uncapped's group accounts to 30 April 2025 show a loss of £10.4m against £1.2m the year before, loans to customers of £36.4m down from £72.7m, loan-loss provisions up from £3.76m to £7.54m, and an average of 35 staff. The directors explain it themselves: the group shifted its strategy from large to mid-market loans and the loss rose on higher loan losses and interest expenses. The funding facility, described in the accounts as £100m, was extended in May 2025 to May 2027 with covenants attached.

Wayflyer's last readable Irish accounts cover 2023: turnover €62.5m against an operating loss of €40.9m, an improvement on the €76.9m loss of the previous year, after a restructuring that cut around 200 jobs. Since then it has announced a $250m credit facility with ATLAS SP Partners in February 2026 and, in July 2026, a three-year agreement under which Fortress will purchase up to $1.5 billion of assets originated through its platform.

Read both as appetite rather than safety. A borrower's drawn money is not at risk from a lender's losses; the direct debits run either way. What the numbers tell you is who each one wants to lend to next quarter. A halved loan book and doubled provisions is a lender being choosier, which fits Uncapped's £100,000-a-month homepage floor exactly. A $1.5bn forward-flow line is a lender that needs volume, which fits Wayflyer's £10,000-a-month door and its move into retail and healthcare. If you are a smaller brand, that difference is more useful to you than either profit-and-loss line.

The bit nobody mentions

With Wayflyer it is stacking. Each advance carries its own repayment rate and a second one is added on top of the first, so 10% of daily sales plus 15% becomes 25% of daily sales, and the help centre states that fixed-repayment advances will always be stacked if you take more funding. A brand that tops up twice in a strong year can find a quarter of its revenue committed before it pays a supplier. The first advance does not shrink to make room.

With Uncapped it is the start date and the credit file. Repayments begin on the date in the offer letter, which is typically the same day the money arrives, so a twelve-month loan is really eleven and a bit months of use. And while applying does not affect your personal credit score, the FAQ says that for smaller businesses Uncapped may use personal credit data in underwriting, and every key person completes a selfie and photo-ID check. A declined applicant waits 60 days before reapplying, which is worth knowing before you use Uncapped as your test case.

What each one asks you to hand over

Neither lender reads a business plan. Uncapped asks you to connect your sales platforms, naming Amazon, Shopify, Walmart and Stripe, plus your bank and your accounting software, and every key person completes a selfie and a photograph of an official photo ID. It says applying will not affect your personal credit score, while adding that for smaller businesses it may use personal credit data in underwriting. The timetable it advertises is a decision in 48 hours and funds within one to two business days, with credit-line drawdowns transferred in one to three.

Wayflyer wants read-only access to the same sort of material: ecommerce platforms, accounting software and bank connections, with a soft credit check that does not mark your file, and financial accounts asked for on larger amounts. Its homepage promises capital in hours; its help centre gives a standard timeline of one to three business days after approval. One clause is worth reading before you connect anything: the platform terms allow Wayflyer to use your business activity data for its own purposes, including marketing material and benchmarking. That is not unusual for a data-led lender, and it is the sort of thing that only ever appears in the terms rather than on the homepage.

What the review scores are worth

Uncapped's Trustpilot profile stood at 4.6 from 260 reviews on 7 September 2026, with 91% at five stars and 6% at one, on a profile claimed in May 2022. Wayflyer quotes 4.6 from more than 500 reviews on its own GB pages; Trustpilot's listing blocks automated reads, and the last figure we could take from Trustpilot itself was 4.8 from 394 reviews in a June 2025 capture. Both are decent scores on modest volumes, and both describe the application rather than the cost. A business funded in 48 hours tends to write its review before the first payment leaves the account.

Worked examples

Both lenders publish a range rather than a price, so the figures below sit inside those ranges and are not quotes. The same £150,000 is run through each product on the longest term each one publishes for it, which is the fairest way to see why they are not substitutes.

Who fits where

Profiles we meet, set against what each lender publishes. Wayflyer is not on our panel, so where it is the better fit we say so and leave you to approach it.

General information on how the lenders differ, not a recommendation. We arrange finance; the lender decides, and you choose.