E-commerce venture OnBuy hails 'incredible growth figures'

UK-based online marketplace OnBuy reports a record 24,000% GMV growth in four years, and says that it has its sights set on creating £2 billion in sales in the next three years.

The company, which was founded in 2014 and recently closed a £5 million Series A funding round, also announced 600% revenue growth in 2020 for the second consecutive year, which follows a 500% increase from 2017 to 2018. As a result, OnBuy has now tripled its workforce to over 50 full-time staff.

It is now preparing for the first phase of its launch into over 140 countries. The e-commerce venture has thus far pulled in over eight million customers, more than 25 million products, five million plus monthly visitors and upwards of 400 new retailers every month.

OnBuy's founder and CEO, Cas Paton, comments: "These incredible growth figures are evidence that the market desperately needed a marketplace like OnBuy that, through creating an e-commerce ecosystem that benefits online retailers and customers equally, can provide a sustainable long-term solution to selling and shopping online."

"We've evidently found the right formula for success: we're already running at £120 million in sales and we haven't even launched globally yet. Ahead of our phased launch into over 140 countries, where we'll have the widest reach of any online marketplace, we're investing heavily in the UK site with a massive Q4 planned."

"We expect to 5x our millions-strong audience this year, which will further accelerate our 24,000% growth. We're projecting a turnover of £2 billion in sales by 2024, and we're set to claim 3-5% of the £84 billion UK e-commerce market in the next three years,” he concludes.