Disrupting the e-commerce market: OnBuy boss Cas Paton talks first ever profitable month and plans for 2024

UK-based online marketplace, OnBuy, had its first ever profitable month in October, and is forecasting a profitable quarter.

In a LinkedIn post, Cas Paton, OnBuy Founder and CEO, who did not reveal specific numbers, said: “We've closed a strategic investment from a NASDAQ listed global tech player. Now, we're inviting our existing shareholders to invest in the next part of the journey.”

He aded that his company was exploring the opportunity of opening a small round for external investors, sellers, customers to partake through crowdfunding.

OnBuy is also gearing up to open its our first country sites in 2024, “which is very exciting - and we expect significant additional growth (more on this soon”.

Paton added: “We will invest in our technology and scaling, setting our sights very firmly on the next big goals. We plan to scale up the UK, driving more customers, sellers, product and sales, growing the business to new heights.”

“This year has been a complete transformation for OnBuy, we are in the strongest position we have ever been in - and now we will begin the "scale out" to get the marketplace truly thriving. A huge thank you to all of our investors, sellers, customers. We are truly disrupting the e-commerce market and we couldn't, without you?”

“And extra special thank you to Fuel Ventures who supported us over the past four years, with unwavering belief in the vision and myself. Let's keep this rocket ship in flight.”